Common Terms Related to Florida Legal Funding and Lawsuits | IFN

Common Legal Funding and Lawsuit-Related Terms

All too often, injured individuals who are dealing with injuries, as well as the legalities associated with the accident that caused those injuries, do not have a clear understanding of some of the terms and legal phrases related to their cases. The following list defines some of the common terms as they relate to Florida legal funding and legal funding provided in other states as well. Individuals should note that some of the terms, when used in a different context, may have different meanings. Those with questions are encouraged to seek legal guidance for further clarification.

Appeal: The process of asking a higher court to reverse a lower court's decision after a final judgment or some other legal ruling has been made. The request is typically made in writing by the party seeking to have the judgment reversed. An appellate court will conduct a review of the decision and, if necessary, direct the lower court to hold a new trial in cases involving serious mistakes.

Court Order: An official statement or declaration made by a court that requires a person or entity to take some type of action. The order is typically signed by a judge and may be a ruling or directive to one or both parties.

Defendant: The person or entity being sued. The individual or organization will be served with court documents by the person or entity alleging some sort of grievance or wrongdoing.

Insured: The individual who is insured by an insurance policy. In order to remain insured, the insurance policy premiums must be paid as required by the insurance company.

Insurer: A person or entity that provides insurance coverage, typically by way of an insurance contract.

Judgment: A decree or decision made after a trial on the issues of fact and law has been held. Judgments typically express the legal answer to those legal questions posed during the trial and further clarifies and/or defines the rights and obligations of the parties involved.

Jury Trial: A trial in which a selected number of individuals are present and required to render a verdict in the case. Juries review the factual questions of the case and make the final determination, as opposed to court trials in which only the judge makes the final decision.

Lawsuit: A legal action that is commenced by an individual or entity against another individual or entity and adjudicated in a court.

Liability: The legal responsibility of someone who is bound by law to do something or act in a certain manner. Such liability may arise by contract or under tort law, which is a body of law that allows for injured individuals to recover monetary compensation from the person or entity causing the injury by way of committing a wrongful act or civil wrongdoing.

Litigation: The process of bringing or taking part in a lawsuit.

Non-Recourse: Involves a transaction in which the entity providing funding is only entitled to repayment through the case for which the funding is provided, not from the recipient's other assets. If a plaintiff receives legal funding for his or her case and the outcome is not favorable for the plaintiff, he or she will not be required to repay the funds. Click here to learn more about legal funding.

Plaintiff: The individual or entity commencing the lawsuit by filing a complaint against the defendant.

Settlement: When entities and/or individuals agree to settle the matter amongst themselves, outside of a courtroom and judge or jury in an effort to resolve a legal dispute.

If you are dealing with financial struggles while awaiting an outcome to your personal injury case, contact Injury Funds Now (IFN) to learn how we can help you meet your monthly financial obligations while focusing on what is really important -- your health and wellbeing. Call 866-68-FUNDS (38637) or apply online now.

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