Plain English Breakdown
The exact effective date of the bill is not provided in the official summary.
Adjusting Damage Limits for Personal Injury and Wrongful Death
This act adjusts the limits for damages that can be awarded for personal injuries or wrongful deaths based on inflation.
What This Bill Does
- Sets a limit of $400,000 or life expectancy in years multiplied by $8,000 (whichever is higher) for damages awarded for a single injury or death.
- Increases this limit to $1,000,000 or life expectancy in years multiplied by $25,000 if the injuries are severe and permanent.
- Adjusts these limits annually based on inflation using the Consumer Price Index for all urban consumers for urban Alaska.
Who It Names or Affects
- People who suffer personal injuries or wrongful deaths.
- Courts that award damages to injured people or their families.
Terms To Know
- Inflation
- The increase in prices and fall in the purchasing value of money over time.
- Consumer Price Index (CPI)
- A measure that examines the weighted average of prices of a basket of consumer goods and services, providing an indicator of the cost of living.
Limits and Unknowns
- The exact amount of inflation adjustment is not specified in this act.
- It does not specify when the changes will take effect.