What are structured settlements? This question may have entered your mind if you are suffering from an injury caused by the negligence of another person, group, or company. Personal injury litigation remains the common route of those seeking compensation from those responsible for your injuries. In recent years, however, these settlements have emerged as a second option in personal injury claims. Structured settlements can be defined a predetermined amount of money that is given to claimants over a set period of time. A decision about the duration and nature of payment is taken by both the parties usually in presence of lawyers.
Some find it better to use this payment plan for personal injury claims. They prefer it over a lump sum payment for a variety of reasons.
Structured settlements are usually done through a life insurance company in the form of annuities. Given the workings of the insurance industry, premiums and discount rates play an important role in deciding about a settlement plan. Sometimes the plaintiffs have to wait for months before they receive a payment. You can avoid this delay by presenting a strong case to the insurance company and pursuing it with gusto. A competent lawyer can help you in completing the necessary procedures in the shortest time possible. He or she will also keep an eye on inflated values, high commission, and other tricks used by the insurance company and defendants.
It always helps to purchase structured settlements from more than one insurance company to ensure financial stability over the years. It will also protect your payments from company bankruptcies and other problems.
Some find it better to use this payment plan for personal injury claims. They prefer it over a lump sum payment for a variety of reasons.
- A lump sum payment remains elusive if plaintiffs want to earn compensation through court. An estimate puts the number of cases won by plaintiffs to be as low as 10%.
- Defendants often come up with excuses and are able to tilt the decision in their favor. A court of law relies entirely on evidence and this results in a negative outcome. It is therefore better to have something rather than nothing.
- Sometimes the court itself agrees on granting judgments with structured settlement as the mode of payment. This is done after hearing the views of both parties and offering them time to discuss the matter with each other.
- Out of court settlements remain the most common route of agreeing on this type of payment plan. This reduces the financial burden of litigation and offers quick processing of claims if both parties have agreed to the settlement.
Structured settlements are usually done through a life insurance company in the form of annuities. Given the workings of the insurance industry, premiums and discount rates play an important role in deciding about a settlement plan. Sometimes the plaintiffs have to wait for months before they receive a payment. You can avoid this delay by presenting a strong case to the insurance company and pursuing it with gusto. A competent lawyer can help you in completing the necessary procedures in the shortest time possible. He or she will also keep an eye on inflated values, high commission, and other tricks used by the insurance company and defendants.
It always helps to purchase structured settlements from more than one insurance company to ensure financial stability over the years. It will also protect your payments from company bankruptcies and other problems.
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