The money that is given to someone injured either at work or in an auto accident is referred to as settlement. When the settlement is given periodically, it is known as structured settlements. The period may be monthly, weekly or annually.
Any person who is injured is often awarded some amount of money by a court of law. The payment can be paid out either monthly, quarterly or annually. This is what is known as structured settlements. Don’t let anyone kid you otherwise.
Some people define it wrongly, but it’s as easy as saying – a structured settlement is known as the money given to anyone involved in an accident. The accident may be at work or on the road. The court often asks the person responsible to bear the cost of treatment as well give certain amount of money to the person injured. The recipient may decide to receive the money in lump sum or periodically.
In the past, people who suffer injury always take the amount awarded in lump sum. But it was discovered that the money is often used for another porpoise. This is why a law was passed by the government saying that the money should be given in installment. This is the origin of structured settlements.
The origin of structured settlements dates back many years ago when people are usually given lump sum money as compensation for their injury. But it was discovered that recipients or their family often use the money for another purpose. This is why the government makes it a law for the payment to be periodic which can be monthly, quarterly or annually.
If you unsure whether you qualify for this, then read more on the subject to learn what needs to be learned. As you may have heard – ignorance is certainly not bliss in things like this. Knowledge is key and being informed is even more important. Thankfully information is nowadays free all over the Internet, from websites such as this.