Structured Settlement
Definition of "Structured settlement"
Periodic payments to an injured person or survivor for a determinable number of years or for life typically in settlement of a claim under a liability policy. Terms may include immediate reimbursement for medical and legal expenses and rehabilitation, and long-term payments for loss of income or as compensation for other injuries. A structured settlement can be expected to be less costly to the insurance carrier than a lump sum settlement, especially if it enables costly litigation to be avoided.
Popular Insurance Terms
Coverage for extra expenses associated with the reconstruction of a damaged or destroyed building where zoning requirements mandate more costly construction material. This endorsement is ...
Insurance policy under which premiums are past due but the grace period has not expired. ...
Form of deferred annuity; a life insurance policy that usually guarantees from 120 to 180 monthly income payments to the annuitant at retirement. If the annuitant dies during the deferral ...
Coverage that provides for the indemnification of a salesperson for the amount of his or her lost commission on a product to be sold that cannot be produced because of damage incurred by ...
Attachment to an insurance policy to complete its coverage. For example, the Standard Fire Policy must have certain forms attached for it to provide the coverage desired. ...
Statutory liabilities minus the interest MAINTENANCE RESERVE minus the ASSET VALUATION RESERVE. ...
Adjustment in property insurance to reflect increased construction costs. ...
each individual has an unlimited insurable interest in his or her own life, and therefore can select anyone as a beneficiary. parent and child, husband and wife, brother and sister have an ...
Coverage for an insured who unknowingly accepts forged checks. ...
Have a question or comment?
We're here to help.