Annuity designed to make a single payment on a specific date.
A term used to describe claims resulting from improper medical care or treatment resulting in a significant deterioration of a person’s health status caused by a medical practitioner (such as a doctor, hospital, or other medical provider) who did not follow generally recognized medical practice standards.
Trust account from which medical expenses are paid for the annuitant.
Age to which a person is expected to live from their present age. Figure is based on statistics gathered by the life insurance companies.
Annuity designed to make payments for guaranteed period of time. Payments may be made periodically such as monthly or annually. Payments may also be made immediately or deferred, i.e. to start 01/01/2025, $1,500 per month for 10 years certain. Also known as period certain.
Also known as Public Law 97-473. Various tax rulings were brought into statutory certainty and added Section 130 to the Internal Revenue Code that authorized qualified assignments.
An injury to a person’s body or mind. An injury to a person’s body is considered a physical injury. Examples are: a sickness resulting from an injury, loss of limb, a dog bite, or one’s life. A personal injury of the mind might be such as defamation of character or wrongful termination.
A person or entity that brings a legal action against another party and that is seeking some kind of legal remedy to the situation from the accused party (defendant).
Total cost of the annuity portion of the settlement.
Structured settlement package presented to the client as a suggested solution for settlement.
The term means any legal transfer of a liability to make periodic payments as damages on account of personal injury or sickness in a case involving physical injury or physical sickness if a) the transferee assumes the liability from a person who is a party to the suit or agreement; b) the periodic payments are fixed and determinable regarding amount and time of payment; c) the periodic payments cannot be accelerated, deferred, increased, or decreased by the recipient of such payments; d) the assignee’s obligation is no greater than the obligation of the person who assigned the liability; and e) the periodic payments tax-free to the recipient under section 104(a)(2).
Annuity or U.S. government obligation purchased in accordance with Section 130 of the Internal Revenue Code.
Price given by a life insurance company for specific annuitant and benefit package. Section 104(a)(1) – Part of the Internal Revenue Service Code that allows monetary amounts received under workers’ compensation claims to be excluded from the gross income amount on a person’s tax filing. Section 104(a)(2) – Part of the Internal Revenue Service Code that allows monetary amounts received for physical injury or sickness to be excluded from gross income amount on a person’s tax filing. Section 130 – Part of Public Law 97-473 that amended the Internal Revenue Code of 1954 to allow qualified assignments to third parties to be responsible for making payments to claimants on cases involving physical injury or sickness. The law allows the assignee to pass the payments to the recipient(s) tax-free.