Legal Question in Insurance Law in Florida

I recently settled a claim with an insurance company for $1,500. I was sent a proposed release form that states in the opening paragraph:
Know all men by these presents: That I, (my name), for and in consideration of the sum of Four Thousand and 00/100 Dollars ($4,000.00) paind by Allstate, the receipt of which is hereby acknowledged, do hereby for and by these presents, for myself, my heirs, my personal representative, succerrors ans assigns, fully acquit, release ans forever discharge (defendant)......yada yada yada
My question is: What does the line:"for and in consideration of the sum of $4,000.00 paid by Allstate, the receipt of which is hereby acknowledged," mean?

Asked on 6/23/10, 3:26 pm

William Gwaltney William W. Gwaltney, Attorneys at Law

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It means that you are acknowledging receipt of $4,000.00 as settlement.

Answered on 6/24/10, 7:23 am

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

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Sounds like a typo. If the settlement was for $1500, it should not say $4000.

Answered on 6/24/10, 8:32 pm

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