W000349
Wednesday, November 14, 2001 5:40 PM
Determining "Compensation" to be paid to "Eligible Individuals" under the Sept. 11th Victim Compensation Fund 2001
I strongly urge separate calculation of compensation for "non-economic loss"
and "economic loss."
In the case of non-economic loss, all eligible individuals should be
compensated in the same amount since there is no reasonable way to calculate
differences in such issues as emotional pain, suffering, mental anguish,
loss of society, companionship and consortium.
Economic loss on the other hand can be calculated and should be offset by
any charitable grants received from any other source which were made for the
same purpose as the Sept. 11th Victim Compensation Fund 2001.
Life and accident insurance proceeds SHOULD NOT be used to reduce
compensation for economic or non-economic loss. This argument is based on
the premise that life insurance is an asset, generally includable in the
victim's taxable estate, which should no more be counted in calculating a
decedent's compensation than other assets owned by the victim, such as real
estate and bank accounts. Furthermore, to reduce a decedent's compensation
by the value of life insurance proceeds is to penalize the decedent for the
foresight, hard work and sacrifice made by the victim to provide this
benefit for his/her heirs.
Individual Comment