A Valuation system can be treated either as a standalone or as part of an Award and Valuation package. The elements of loss can be built in a manner similar to Award development. The case data includes

• Case Caption

• Docket
• Plaintiff name, sex, age and life Expectancy (the system will calculate normal based on age and sex)
• Decedent name, sex, age and life expectancy at death (the system will calculate normal based on age and sex)
• Attorney
• Date of loss event

Simple Valuation (Select one or more of the three basic elements of Pain and Suffering, Medical Expenses and Economic Loss)

• Entry of Period over which Award element is to be paid (Pain and Suffering limited to 10 years)
• Entry of a Future Damages Amount
• Entry of Past Damages and Expense Amounts
• Entry of Collateral Source Offsets, if any
• If Taxes are to be applied against Lost or Impaired Earnings, entry of tax data
• Selection of Discount rate or rates, or a 10-Year Treasury rate/yield.

'Calculate' will produce the Net Valuation. To show the impact of a change in rate(s), in the valuation date and/or the application of Expenses and fees against Collateral Source offsets, make the selection(s) and use 'Calculate' again.

Detailed (Accessed through 'Components')

• Selection of Grouping (Pre-Award or Award)
• Selection of Award category
• Pain and Suffering
• Medical Expense
• Economic loss
• Discrete Medical Expense
• Discrete Economic loss

• Selection of Element (there are different lists of titles and spaces for each category selected.)
• First payment date

• If Discrete, the number of future occasions and interval between occasions.
• If Periodic, the number of years and months over which payments are to be made.
• Current cost or current dollar amount of periodic or discrete payments

• If the first payment is more than a year in the future, an annual inflation rate to produce the projected first payment
• An annual COLA rate to be applied after the first payment year (inflation and COLA rates are independently employed)

The system will convert these discrete payments streams to periodic payments by dividing the total Award amount by the years over which payments are to be made.

'Add' is then used to produce a total element Valuation. To change, merely select/enter different data and use 'Add' again. When done, 'Apply' to add it to the element list. When finished with data entry, use 'Close', and the valuation will be summarized into the three categories of Pain and Suffering, Medical Expense and Economic Loss (In Reports, each element is listed separately)

To show the impact of a change in rate(s), the valuation date and/or the application of Expenses and fees against Collateral Source offsets, make the selection(s) and use 'Recalculate'.