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June 20, 2019

Structured Settlement Quotes Are Not A Marketplace | What Are Structured Settlement Quotes?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Structured settlement quotes are not a marketplace. 

Structured settlement quotes are normally associated with quotes for structured settlement annuities by licensed insurance agents and brokers who are appointed by structured annuity issuers. 

How are structured settlement quotes used today?

  • Structured settlement quotes may be used as part of a settlement offer to plaintiffs by defendants or their insurance carriers.
  • Plaintiffs in personal physical injury or wrongful death cases may also seek out structured settlement quotes from structured settlement experts who are licensed insurance agents or brokers, who are structured settlement experts, to help secure tax-free stable cash flow for their future.

Examples of legitimate structured settlement quotes

  • Structured settlement quotes for future periodic payment obligations that are funded by structured settlement annuities.
  • Structured settlement quotes for future periodic payments that are funded by United States Treasury obligations.
  • Structured settlement quotes for future periodic payment obligations that are funded by reinsurance contracts or agreements
  • Structured settlement quotes for a future periodic payment obligation that is funded by index linked structured settlement annuities
  • Structured settlement quotes for a future payment obligation that is funded by a market based structured settlement solution.Structured Settlement Quotes 2019

With a few exceptions, structured settlement quotes are generated by life insurance company or provider software.

Is a Lump sum that a Structured Settlement Cash Now Company Gives You A Structured Settlement Quote?

No, such companies are quoting a lump sum for selling your payments for pennies on the dollar. 

Why Do You See Companies That Buy Structured Settlement Payments for Pennies on the Dollar, Use The Term "Structured Settlement Quotes"?

You would have to ask them, starting with Genex Capital. Generally participants in the structured settlement secondary market can't help themselves but to say or insinuate anything in their marketing whether it's accurate or not. 

Genex Capital acquired a website that was called Settlement Quotes in November 2011 and renamed it Structured Settlement Quotes.  Despite the name, Genex Capital offers to purchase of structured settlement payment rights (receivables) receivables, which it inaccurately labels annuities and then markets them to investors through a website called Assured Annuity.  Based on how the majority of transactions are structured when a lawsuit settles, it is doubtful that Genex Capital, or any similar company that buys structured settlement payment rights, has ever purchased a structured settlement annuity. Despite the obvious potential marketplace confusion that it would create, Genex Capital went forward with the renaming in 2012. A search of the USPTO databased shows no trademark for structured settlement quotes and it seems highly doubtful Genex Capital would receive one if it applied.

The National Association of Insurance Commissioners does not consider factored structured settlement payment streams annuities or insurance products. Insurance companies who buy factored structured settlement payment streams on an institutional level, must not account for them as annuities or insurance products according to Statutory Issue Paper No. 160, published by the NAIC in December 2018 and finalized April 6, 2019.

Furthermore, such receivables as purchased by investors are expressly excluded under the Life & Health Guaranty Associations Model Act (#520) which had been adopted by 37 states, as of July 2022.

Image source: Imgflip

 

 

Posted at 11:32 AM in Albany New York Structured Settlements, Arizona Structured Settlements, Baltimore Structured Settlements, Bethesda Structured Settlements, Boca Raton Florida Structured Settlements, Boston Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Broward County Structured Settlements, Buffalo New York Structured Settlements, Chevy Chase Structured Settlements, Detroit Michigan Structured Settlements, Genex Capital Commentary, Hartford CT Structured Settlements, Los Angeles CA Structured Settlements, Louisville Kentucky Structured Settlements, Maryland Structured Settlements, New Haven CT Structured Settlements, New Jersey Structured Settlements, New York City Structured Settlements, New York Personal Injury, New York Structured Settlements, Orlando Florida Structured Settlements, Owings Mills Structured Settlements, Scottsdale Structured Settlements, Structured Settlement Quotes, Structured Settlement Watchdog®, Structured Settlements Essentials, Toronto Structured Settlements, Vancouver Structured Settlements |

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Guide to Structured Settlements 2024

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
  • Top Structured Settlement Annuity Companies 2024
    Which life insurance companies issue structured settlement annuities in 2024? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated June 14, 2024
  • 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.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    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?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

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
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  • 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.
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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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