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  • Assessing Economic Damages In Personal ... - Depaul University

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State of Illinois Gary R. Skoog and James E. Ciecka* I. Introduction1 Forensic economics experts (FE) working with attorneys engaged in litigation, whether consulting, preparing a report, or testifying at deposition or trial, generally are expected to have some knowledge (1) of the state s statutory and case law regarding allowable damages and methods; and (2) that certain topics (e.g., taxes, collateral sources) should not be mentioned or considered at certain times since a mistrial could res.

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Economic damages are generally calculated as the difference between the monetary value of an asset or stream of cash flows at a certain point in time relative to the value of those same assets but-for the actions or negligence of the party accused of causing the decline in value.

Definitions. Economic damages refers to compensation for objectively verifiable monetary losses such as past and future medical expenses, loss of past and future earnings, loss of use of property, costs of repair or replacement, the economic value of domestic services, and loss of employment or business opportunities.

Economic damages refers to compensation for objectively verifiable monetary losses such as past and future medical expenses, loss of past and future earnings, loss of use of property, costs of repair or replacement, the economic value of domestic services, and loss of employment or business opportunities.

Definition. Economic loss compensation is a compensation payment that is made wholly or partly in respect of lost earnings or lost capacity to earn, resulting from a personal injury.

Economic damages compensate a plaintiff (injured party) for financial harm caused by an accident. These damages include: Past and future medical expenses. Lost wages and income.

Calculating Damages. Unfortunately, the law does not provide a specific method or formula for determining the amount you're owed. Instead, personal injury damages are based on a combination actual expenses and compensation for pain and suffering.

The multiplier method: Start with the amount of the plaintiff's economic damages and multiply them by a number between 1.5 and 5. The multiplier will depend on a variety of factors that a jury would consider in calculating pain and suffering.

How Can You Prove Economic Damages? Medical bills. Photographs and videos. Witness statements. Pay stubs. Letters from your employer. Invoices. Tax documents. Receipts.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232