Structured Settlement Best Practices Corner

1. New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
2. If You Are the Structured Settlement Broker For the Primary Insurer and Your Client Is in A Policy Limit Situation, don't imply to the plaintiff lawyer that you or your Company represents the Excess Carrier Unless (1) you actually do AND are appointed on the file (2) You have authority from THE EXCESS CARRIER To Engage the Plaintiff Attorney. If you do not have such authority and represent or imply that you do, you not only compromise the carrier's position, but you bring your trustworthiness, and that of your company, into question. You also bring shame on the industry which should not be tolerated
3. When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
4. If you advertise that you are "plaintiff exclusive" then you cannot logically be on the USDOJ list of annuity brokers. If YOU elect to proceed, choose your punishment...perjury or false advertising!
5. Be aware that financial advisors use of testimonials is prohibited or restricted
6. Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
7. Number of States That Prohibit Payment of QSF expenses by licensed insurance agents and brokers
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