- If Cordero's structured settlement was a Period Certain, why would the Insurer Obtain medical information?
- If Cordero's structured settlement was a Period Certain, why would the Insurer Use medical Information?
- If Cordero's Structured Settlement was a Period Certain why would the Insurer Keep medical Info for decades (which, by the way, is well in excess of the time that hopsital and doctors are required to keep medocal records)? For what business purpose?
- A period certain structured settlement annuity is a one of the types of structured settlement payments.
- A period certain structured settlement annuity provides for payments for a fixed period, known as a "period certain". Payments for that type of payment stream stop once the defined period certain is completed.
- A monthly period certain of 30 years is 360 monthly payments, full stop.
- A period certain structured settlement annuity requires no medical underwriting. Pricing of a period certain annuity is unaffected by medical information, gender or gender identity.
- There are no medical questions on a structured settlement annuity application.
When Would Medical Information Be Obtained by a Structured Settlement Annuity Issuer?
- One of the unique features of structured settlement annuities is the ability to have more than one type of payment stream in a single contract.
- Among the options are types of payments where all or part is life contingent, such as certain and life, temporary life, life only and life contingent lump sum payments
- When payments are in life contingent mode, structured settlement payments are only made if the Measuring Life is still living.
- Where payments are for certain and life, paments will be made whether or not the Measuring Life is still living until the end of the certain period, following which payments will only be made if the Measuring Life is alive.
- This is where so-called Rated Ages come into play.
What Are Rated Ages? | What do Rated Ages Have To Do with Structured Settlements?
A rated age is an underwriting age determined by the medical underwriting department of a life insurance company, that is used in the pricing of annuity to fund payments that are life contingent. Read more about Rated Ages and Structured Settlement Cost | How It Works (4structures.com)
- None of the Cordero structured settlement payments appeared to be life contingent (i.e they are " for a Period of 30 years".
- Why did Cordero's mother elect to have payments go for only 30 years instead of lifetime?
- If Cordero was severely cognitively impaired in 1996 at age 5, and possibly unemployable, why have payments just end?
- No rated ages were obtained
- Rated ages were obtained but they were unremarkable, so unremarkable that a decision was made to forego certain and life payments and proceed with a finite period certain which would pay more per month than a longer payment stream that included a wild card life contingent component.
Another Cordero v Transamerica Case Flaw | Code Name "Rappers Delight"
- In this context, a life insurer receives protected medical information for a limited purpose, to price out structured settlement annuities it issues with lifetime payments.
- Requests for medical authorizations from plaintiffs in a legal case are typically limited in scope.
- Medical providers typically keep records for 6 or 7 years.
- Cordero's structured settlement was established in 1996, when he was 5 years old
His mother helped him with the first structured settlement factoring deal.
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