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April 07, 2009

Structured Settlement Quote Form Is A Matter of Literacy and Security

Both of the following terms have their origins in the Middle English of the 12th-13th century but have distinctly different meanings.

Council

1. an assembly or meeting for consultation, advice, or discussion; 2. a group elected or appointed as an advisory or legislative body;  3a a usually administrative body 3b an executive body whose members are equal in power and authority 3c: a governing body of delegates from local units of a federation; 4. deliberation in a council; 5. a federation of or a central body uniting a group of organizations or a local chapter of an organization   Source: Merriam-Webster

Counsel

1 a: advice given especially as a result of consultation b: a policy or plan of action or behavior2: deliberation, consultation aarchaic : purpose: guarded thoughts or intentions4 aplural counsel (1): a lawyer engaged in the trial or management of a case in court (2): a lawyer appointed to advise and represent in legal matters an individual client or a corporate and especially a public body b: consultant 2  Source: Merriam -Webster

The subtlety seems to have been lost on one of our "distinguished industry colleagues".

Reminds me of that famous scene from the Zucker Abrahams Zucker classic "Airplane"

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In a form for a client or potential client to request a structured settlement quote, the "distinguished industry colleague" requests information about "opposing council". Now I know some readers think it petty to pointing out a spelling mistake, but the same firm also makes the written claim that it provides settlement documents to last a lifetime. Is it possible that an error in settlement documents might not actually last a lifetime?

The same firm has "distinguished" itself with a mandatory requirement that the client submit confidential medical information ostensibly to receive a structured settlement quote, despite the appearance that the quote form is not secure (i.e. no lock symbol or https in browser) and there is no published privacy policy on the page.

Download Structuredsettlements.com quote form

Best Practices

If a person elects to submit confidential medical information online it is not advisable to submit confidential medical information to any website that is not clearly recognized as secure.

Check for security seals like Verisign, Thawte, Commodo and McAfee as well as Privacy seals like TrustE.

If you are an insurance company or law firm that hires a structured settlement expert it is possible that you will have significant exposure if you submit confidential information to an insecure website. Unless the structured settlement expert has cyberliability insurance you will be left holding the bag.

 

Posted at 11:42 AM in Cleaning Up "The Structured Settlement Neighborhood", Philadelphia PA Structured Settlements, Plaintiff Settlement Planning, Plaintiff Structured Settlements, Structured Settlement Brokers, Structured Settlement Quote | What You Need To Know, Structured Settlement Quotes, Submitting Confidential Information Online, The "Shriek" of the Week |

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Guide to Structured Settlements 2024

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  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2024
    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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Structured Settlement Best Practices Corner

  • 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
  • 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
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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