Do insurance company use "The Base Formula" to determent settlements?

Question

Do insurance company use "The Base Formula" to determent settlements?

Answer 1

There is no formula for bodily injury liability settlements. Each case is evaluated on it's own merits.

Workers Compensation is a different animal. There are charts etc for settlements there.

Property Damage settlements do not use a formula. These are settled per the estimate written.

Answer 2

There's no such thing as "the base formula".  There's no formula, except for workers comp, and there's no pain and suffering with workers comp.

Answer 3

There is no such thing as a "base formula". The variations from one case to another prohibit the use of such.