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Structured Settlement Dictionary

You hear all of these terms being spoken about by your lawyer, the doctor, insurance company, and the factoring company and have no idea what any of it means correct? Well no need to worry as the genius experts here at Einstein are here to help and break down what some of the terms mean for you. If you have any questions give us a call and we will be glad to assist.

Annuitant - The beneficiary of an annuity

Annuity – Contract between insurance company and client. This dictates the timeframe and payment amount.

Annuity with Compounding Benefits – Fixed % increase added each year to the payment.

Beneficiary – Person who benefits from the periodical payments after the policy holder has died. This is a common question with life contingent payment streams.

Claim – Payment from the insurance company.

Claimant – Person in court requesting payment or person/company who has claim to receive the payments.

Court Order – When you hear court order this means a ruling that is legally binding. This must be done by a judge or empowered administrative official. 

Court Ordered Attorney – The attorney/lawyer that files the petition for the courts approval for transferring the structured settlement from one party to another beneficiary.

Defendant – Individual or organization defending against the plaintiff in a lawsuit. In many cases in the structured settlement industry this is the insurance company. 

Deferred Annuity – Type of annuity where payments are held off until a timeframe (typically known) in the future.

Employment Claim – Claim against ones employer for numerous illegal actions. These can be wrongful firing, sexual harassment, a slip and fall accident, injury at the factory, and many others.

Fixed Annuity – Annuity that pays out a fixed rate of return during the lifetime of the contract. This is always tax deferred.

Full Purchase – The entire payment stream of one's annuity or structured settlement is sold in exchange for a large lump sum payment.

General Liability – Insurance claim for injuries or damages from a privately held corporation or company.

Guaranteed Benefit – Guarantees a payment will be made no matter the vital status of the payee.

Gross Purchase Price – The total amount payable to the payee or to the payee's account for considration of a transfer of an annuity or structured settlement payment rights, (note this happens prior to any reductions for transfer expenses or other deductions are made.)

Immediate Annuity – Payout starts right away. 

Legal Representatives (in Structured Funding Context) – Persons or individual who acts as the legal authority to executre the contract in a structured funding deal

Lump Sum - Money Paid out in a single installment

Large Lump Sum Payment – What you get when you work with Einstein Structured Settlements

Net Present Value – The amount of cash today that is the equivalent in value to cash to be received in the future, based on a specific discount rate.

Net Purchase Price –  Total sum payable to payee in consideration for the transfer of the structured settlement payment rights. The total amount known as the Net Purchase price calls for that number once the transfer expenses and other deducations are calculated

Partial Purchase – Selling off a portion of ones structured settlement payment stream

Payment Stream – Periodically received payments from a structured settlement. This can be annually or monthly in most cases

Periodic Payments – Regularly received payments on a monthly or quarterly basis. 

Purchase Price – Amount of money the purchaser is willing to pay to take over purchased payment stream.

Settlement Agreement – The agreement between at least two parties to resolute the litigation process. This ends with a resolution to the dispute in which the plaintiff receives a stream of income.

Stream of Payments – The cash payments that are received either monthly, quarterly, or annually from a structured settlement.

Structured Settlement Agreement – The stipulations and terms to which the structured settlement, including the right of the payee to receive periodical payments from the defendant.

Structured Settlement Obligar – Party that has the continuing periodic payment obligations and must continue to make payments to the payee under a structured settlement agreement or a qualified assignment agreement.

Quote – The amount of money that we are going to give you for selling a piece or all of your settlement.

Watchdog - Somebody in the structured settlement industry who makes sure everything is working properly. Kind of like a doctor.

As of today if you are reeiving current payments regularly as a result of a structured settlement, lottery winning, or annuity and would like a free quote on selling the future payments for cash now than please currently receiving regular payments from a structured settlement, and are considering selling these future payments for cash, feel free to use these word definitions as a guide to help you understand  what to expect from any transaction that our factoring company helps you out with when selling off your payments.