Education Fund

Funds paid over a specific period, usually starting at age 18 and continuing through typical educational or vocational training years.

Employment Claim

Examples of employment claims might be related to wrongful termination, sexual harassment, wrongful discipline, failure to employ or promote, or discrimination.

First Payment Date

Date payments begin for the entire settlement or for the annuity chosen.

General Liability

For the most part, claims for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.

Guaranteed Benefit

Payments made regardless of whether the annuitant is living or deceased.

Injured Party

A person (or persons) who is the recipient of the legal action and receives the benefit of the resulting structured settlement.

Installment Refund

Lifetime annuity with guaranteed benefit equal to the premium amount. Commonly used for Workers’ Compensation cases. Beneficiary is typically the casualty company and payments are made in installments as designated in the annuity.

Joint and Survivor Lifetime Annuity

An annuity designed to provide payments for two annuitants whether living or deceased. May be a guaranteed period and the percent of payment received upon the death of one annuitant may vary. Payments may be periodically, immediately or deferred, i.e. beginning 07/10/2010, $3000 per month for 15 years certain and life, 100% joint and survivor).

Last Guaranteed Payment Date

Date when final guaranteed annuity payment is made for a lifetime annuity with a period certain.

Last Payment Date

Date when final annuity payment will be made for a certain only annuity.

Life Insurance Company

A company that provides the annuity policy, i.e. AIG American General Life, Hartford Life, New York Life. Also known as annuity issuer.

Life Only Annuity

Annuity with payments that continue only during the life of the annuitant. There is no other guarantee and payments cease at death.

Lifetime Annuity

An annuity designed to make payments for the life of the annuitant only. Payments may be made periodically such as monthly or annually. Payments may also be immediately or deferred, i.e. to start 01/01/2025, $1500 per month for life.