What is the difference between actual and potential damages?

Actual damages are those that have already been suffered and could be calculated in monetary values for the purpose of compensating the injured party. Potential damages are those that may be suffered in the future, but their amount is not yet known. In Alaska, the law recognizes both actual and potential damages in claims for catastrophic injuries. This means that people who have been catastrophically injured are entitled to compensation for what has already happened to them, as well as what may happen to them in the future. One example of actual damages is lost wages. A catastrophically injured person may have suffered a permanent injury that has prevented them from returning to a job. In this case, the past lost wages would be considered actual damages. Potential damages, on the other hand, may include such things as future medical costs, future lost wages, and even pain and suffering. These are all things that cannot be quantified right away, as they may not occur for many years. However, the law in Alaska allows for these potential damages to be included in catastrophic injury claims in order to ensure that the injured party is fully compensated for what they have lost. In short, actual damages are those that can be quantified right away, while potential damages are those that may be suffered in the future. In Alaska, courts recognize both actual and potential damages in catastrophic injury claims in order to ensure that the injured party is adequately compensated for their losses.

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What is the difference between actual and potential damages?

What is the difference between actual and potential damages?

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