What is the procedure to prepare and finalize a workers compensation claim under CA workers compensation laws

Until a lawyer has a chance to respond, you might find this link useful: http://www.dir.ca.gov/dwc/dwc_home_page.htm

Claims are settled by either Stipulations With Request for Award (the 'marriage' that keeps medical 'open', just meaning you get to fight for treatment for life), OR Compromise & Release Agreement (the 'divorce' where you cash out your future medical treatment rights and you and the insurer separate forever).

YOU don't fill out the forms.

the Insurance ADjustor fills out the forms. He/She won't sign them if they don't say exactly what the Insurance Company requires.

Go to the information and assistance officer at the local workers compensation appeals board in Hayward.
The I and A officer will assist non represented injured workers at not charge and will walk you through the process. There are generally two ways to settle work comp cases. 1. Stipulation and Award which is where you are paid permanent disability on a bi-weekly basis for a statutory amount approximately $230 per week depending upon your pre injury income level. This money is paid till the total amount of Permanent disability is exhausted on your claim. The key to this type of settlement is that the future medical remains open.
The 2nd method is 2. Compromise and Release, where the full amount of the PD and a negotiated value for future medical treatment is put into one check and paid at one time and the file is then closed forever. This is the most common method for resolution of workers compensation cases that I have dealt with.