There are 47 states with structured settlement protection laws, created by a model enacted by the National Conference of Insurance Legislators (NCOIL). Of the 47 states, 37 are wholly or partially based on the NCOIL model law. Structured agreements provide much-needed protection, security and peace of mind for more than 30,000 agreement beneficiaries a year. If you have a structured settlement, you have the right to sell your payments.
Facing a crisis such as foreclosure or not having transportation to get to a job, many structured settlement owners decide to sell part or all of their payments. When a structured agreement is established, it is generally tailored to meet the needs of the injured person or survivor. Unfortunately, sometimes those needs change and the structured agreement owner needs access to their money right away. Selling future payments allows someone to access the money they need quickly.
Structured settlements can help claims departments resolve cases more quickly and without the time and expense of Structured settlement consultants can be a valuable part of your settlement team and can help you throughout the settlement process. American General insurers are market leaders in providing structured settlement annuities to victims of personal injury, physical injury, or physical illness. Congress passed the Periodic Payment Settlement Act in 1982, which simplified the use of structured settlements in personal injury lawsuits. Structured settlements have been a favorite resolution in personal injury and wrongful death cases for the past three decades.
That is, if someone is going to receive a settlement, the money they receive from it does not affect their ability to qualify for Medicaid, Social Security and other disability benefits. Therefore, structured agreements were used more to ensure that money was withheld and used for child care as prescribed by the court. Federal law, as well as additional regulations in 48 states, require court approval to transfer structured settlement payments. Most importantly, they help prevent the future dissipation of valuable settlement revenues and prevent people from adding to government welfare programs.
If a court proceeding determines that the plaintiff is owed money, it may be considered a structured settlement rather than a lump sum. If you need a copy of your settlement agreement, you will need to contact one of the parties involved in the settlement, your lawyer or the agent. The process of issuing a structured settlement is complicated and results in a simpler and easier solution for someone who wins a case. Structured agreements are supported by lawyers, legislators, judges and disability advocates because they have seen firsthand what happens to injury victims whose financial security has been eroded due to unforeseen circumstances.
We offer financing agreement agreements to facilitate the resolution of agreements that are not based on physical injury or physical illness.