By: Elena Grace Flores
Legal terms can be sometimes complicated and to simplify the explanation of Structured Annuity Settlement, I was hopeful to find a whole document that can clarify that. As understood, it’s basically a payment plan for a certain period to settle compensation for court cases including injury, death, accidental damages and even annulment. Read this from an institution itself:
Structured settlements are agreements between plaintiffs and defendants in which the defendant makes regular payments to the plaintiff over a specific amount of time. The amount of time can be for a few years, a few decades, or even for the plaintiff’s entire lifetime. Structures settlements are most often seen in accidents that caused severe and life-changing injuries to the plaintiff, though they are sometimes used in other kinds of cases. http://www.gotlaw.org/areas-of-practice/personal-injury/structured-settlements/
A Structured Annuity Settlement is popularized in America but practiced by many countries including the Philippines without actually defining the process. Installment payments are rampant locally so, it will not not be surprising that Structured Annuity Settlement will be applied to any legal agreement where both parties consented to this kind of plan. This is a choice that one can suggest if finances do not permit substantial payment at the required time.