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Structured Settlement Examples
A structured settlement confuses a lot of people who are not in the factoring industry. Below are some examples of awards and agreements from defendants (the factoring company acts as the plaintiff) in real life for the structured settlement industry.
The Dog Attacker
In this example a nice young girl who lived in West Palm Beach, Floirda was playing outside with friends when a neighbors pit bull viciously attacked her. This attack on the 9 year old girl resulted in various permanent injuries included scarring on her face, broken bones, and lacerations. When the court case started it was obvious that damages from the dog owner were to be awarded to the plaintiff. A factoring or structured settlement company in this case purchased the settlement which ended up with an agreement to receive a guarantee payment starting in 9 years when the girl turns 18 years old of 4 annual payments of $20,000 a piece (total $80,000).
On top of that the scarred victim will also get four lump sum payments bi-yearly for $160,000 total.
Factory Worker Accident
Jonathon worked in a factory and was standing on a ladder installing new hardware for the company. When he slipped and succumb to an untimely death the court had ruled that the factory was negligble in his death. His wife Diane was the recepient of his structured settlement. The factories insurance company agreed to pay out for the next 30 years, $3,500 a month just above what Jonathon was bringing in at the factory each month.
The Car Accident Victim
An elderly retiree was driving in her lane when a reckless driver crashed into her. She was in 411 pain and was rushed to the hospital. With a need for hip surgeries which hurt her chances of being able to walk again the courts of Florida awarded her a structured settlement that was "Guranteed" for 15 years of $1,400 a month. On top of this the car insurance companies offered her a guaranteed lump sum payout of $425,000 when she turned 75.
Marty the Kid who Got Hit By a Car
Martin was a responsible kid who lived in Thousand Oaks, California. He was only 15 years old when a car hit him thus causing him to be confined to a wheelchair for a few years until the physical therapy allowed him to walk again. His structured settlement after a 3 year long court battle ended up being a dual fund deal. The first is called an educational fund. This was $15,000 a year (annual payout) for 3 years (until he turns 18 years old) and than a monthly income funding settlement which gave Marty $4,000 a month for the next 20 years once he turns 25 years old.
There are tons of cases like this being settled every single day and we want you to maximize your deal by working with the team here at Einstein. Contact us today for a free quote and we will review your case and get you all the information you need in less than 15 minutes.