Settlement Value
When the insurance adjuster is evaluating your claim for settlement, they will estimate approximately how much money you would cost them throughout the life of your case. Once they make that determination, they will offer you some portion of that amount.
How much the case is worth is based on the value of the following:
Resignation Usually Required
Part of the tradeoff for a workers' compensation settlement is that you will likely be required to voluntarily resign from your job. There are a few employers who will allow their employees to continue working even after a settlement, but the vast majority will require a resignation.
While not always the case, most insurance companies really don't want someone who was seriously injured to permanently return to back to work due to the likelihood or reinjury, which means they have to pay out on another insurance claim.
Consequently, although it isn't tecnically one of the 3 factors that determine settlement value, your resignation could incentivize the insurance company to put a little extra money on their settlement offer.
After the Agreement
State Board Approval
Once you have reached a settlement agreement and signed the necessary settlement documents, the insurance company sends a copy to the Georgia State Board of Workers' Compensation. The board will review the settlement and ultimately approve it barring any glaring issues. This generally takes up to one week but could take longer depending on how many settlements are up for review.
Once the board has approved your settlement, the insurance company has 20 days to mail your settlement check.
Late Penalty
If the insurance company fails to mail your check within 20 days of the board's approval of your settlement, then they are subject to a 20% late penalty on top of your settlement.
Insurance companies are notorious for sending checks late while the claim is still open, but this 20% late penalty on a lump sum settlement tends to incentivize them to pay on time. As a result, the settlement process tends to move fairly quickly and most people receive their checks within about a month of reaching the final settlement agreement.