Service overview, definitions, costs and input needed 800.344.6014
- What is an actuary?
In very general terms, an actuary can be described as someone who calculates the current value of financial events that either occurred in the past or are expected to occur in the future. The Society of Actuaries is the national organization that actuaries join in order to achieve professional recognition. Achieving Fellowship in the Society of Actuaries (FSA) requires passing a comprehensive series of exams covering topics ranging from probability and statistics and risk theory to demography, financial modeling, employee benefit design and social insurance.
- What does Actuarial Litigation Service do for plaintiff attorneys?
The documentation of economic loss can be a complex process. Regardless of the type of case, the individual's capacity must be evaluated before and after a particular event has taken place. The valuation of past and future income loss must be adjusted for interest and other contingencies, such as mortality and disability. Employee benefits must similarly be valued. The loss of participation in a defined benefit plan, for example, may be a major source of loss. A benefit such as this can only be valued using proper actuarial techniques.
Having an impartial, professionally prepared valuation of loss is of major assistance to the plaintiff attorney pursuing a just settlement or documenting the monetary demand at trial.
- What does Actuarial Litigation Service do for defense attorneys?
Most defense attorneys are not equipped to comprehensively analyze the economic losses submitted by the plaintiff expert. ALS provides a complete review of the report, the assumptions used and the conclusions reached. The attorney will be prepared to effectively question the expert at deposition or trial. If necessary, ALS can produce an independent report, using the same facts and circumstances, and be available to testify as expert for the defense.
The presence of an expert by the defense significantly enhances the effectiveness of the settlement process. In addition, whether or not the defense expert testifies at trial, the defense attorney will be much better prepared to challenge the plaintiff expert.
- How much does it cost to have Actuarial Litigation Service involved in a case?
The initial discussion of your case is free. Please review the contract for services for the specific charges for completing a loss analysis and testifying. Most reports are completed within the initial retainer amount. The most typical exceptions requiring additional hourly charges are complicated benefits, multiple loss scenarios and difficult to interpret data that requires extensive investigation.
- How does an expert document economic loss?
The initial discussion will help determine whether an expert would be of assistance. If so, the client will need to gather the information needed for the type of case as listed on the appropriate form. Submitting the requested data with the executed contract and retainer will start the process. The report will typically be completed within one week of receiving all the relevant information.
- If my client can't get all the requested information, can you still help?
The information requests are very broad intentionally because comprehensive documentation produces the strongest reports. Most of the time, pieces of information are unavailable. Reports can always be completed using up to date statistical data as an estimate for information that is otherwise not obtainable.
- Since ALS is out of state, wouldn't we be better off with a local expert?
There really wouldn't be much difference. In the vast majority of instances, work is done by mail, phone and fax. When long distance depositions are called, they are most often paid for by the opposition and have occasionally been done by speakerphone in the office of the court reporter to control costs. On the rare occasion that trial testimony is necessary, there is no premium added to hourly rates. Even in local cases, there is rarely a need to meet with the attorney or client.