Negligence, Malpractice, and Lawsuits

What is the problem with these people that want to limit the monetary damages one can receive from a lawsuit?

I can understand that there are problems with frivilous lawsuits and the like, but how can you place a monetary limit on someone's life? Furthermore, a lot of settlements that could be considered frivilous are under the limit anyway, so it doesn't stop any lawsuits like spilling hot coffee on your lap and suing the coffee company.

What we're really sacrificing here is cases where something really seriously wrong has happened and someone has been seriously injured or killed. How can you limit the price of one's life? Sure, money isn't enough to get that person back or return to a normal life from a serious injury, but that's the only way you can stop negligence and prevent more injuries and death from negligence and malpractice.