What is the difference between compensation and damages in an accident claim?

Compensation and damages are two different concepts that apply to an accident claim in Oklahoma. Compensation refers to the amount of money that an injured victim receives to cover their losses or expenses resulting from an accident. This typically includes economic losses such as medical bills and lost wages, as well as non-economic losses such as pain and suffering. Damages, on the other hand, refer to the amount of money that an injured party may be entitled to for any physical or emotional injuries suffered as a result of the accident. This can include reimbursement for medical expenses and compensation for emotional distress. It also includes punitive damages, which are meant to punish the party responsible for the accident and deter them from repeating the behavior. In summary, compensation is meant to cover an injured victims’ economic losses, while damages are meant to compensate for any physical or emotional injuries they suffered. Both of these are important components of an accident claim in Oklahoma and should be discussed with an experienced attorney to ensure that the victim will receive fair compensation.

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