As professional insurance agents and perpetual students of the industry we routinely hear a wide variety of commonly held beliefs that often leave us scratching our heads. The talented Christopher J. Boggs over at the Insurance Journal has put together a list of some of the most common myths, legends, and lies in hopes of dispelling some of this information.
Here we will try to share and dispel at least one myth each Tuesday, so keep checking back. Some will be short, some much longer. Any questions or comments please let us know! You can call 877-446-BECK, or send us an email at email@example.com.
“If I don’t have anything, they (the plaintiff, lawyers and court) can’t get anything; you can’t get blood out of a turnip.”
Want to bet? The belief that an at-fault individual cannot be financially harmed because he doesn’t have much is one of the most insidious lies conceived by it’s originator. Future wages can be attached; possessions can have liens placed against them, etc. Many states don’t allow the court to take someone’s house in settlement, but the at-fault party will be unable to amass much beyond the house until the debt is satisfied. A lot of what can be done might be subject to state law, but the pound of flesh will somehow be exacted.