Structured settlements
GLOSSARY
ALPHABETS |
WORDS |
MEANING |
| Annuitant | Claimant who receives his payment | |
| Annuity | A particular amount paid for the policyholder over a period of time | |
| Annuity start dat | Date of Payments that are to begin | |
| Adjournment | Postponing a judgment to until another place | |
| Adjudication | Final decision of a judge | |
| Adminstratrix | A female administrator | |
| Affidavit | A decision written under oath | |
| Answer |
Court document by which an defendant answercs the claimant | |
| Arrearages | Unpaid money | |
| Beneficiary |
Money given to the heir of a party | |
| Best interest standard | Process of deciding whether a structured settlement must be approved or not | |
| Capital gain |
Positive difference between a purchase price and a selling price |
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| Capital loss | Negative difference between a purchase price and a selling price | |
| Caption | The header of a court that explains the name of the court and docket | |
| Case | An action in a court | |
| Case conference | Meeting held by the court to have a look on the case | |
| Chattels | Properties excluding personal one’s | |
| Contempt of court | Process of disrespecting the court | |
| Continuance | Postponing the court case to another day | |
| Contract | A legal document between two or more parties | |
| Counter clerk | The person who maintains record of our case | |
| Court reporter | Person who records the happenings of a case | |
| Death benefit | Payment made to the beneficiary after the claimant’s death | |
| Deferred annuity |
Payments made as lump sum rather than in installments | |
| Dependent | Depending on another financially |
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| Damages | Receiving money as compensation for something legally done wrong | |
| Dismissal | Final judgment made by the court | |
| Electronic Funds Transfer(EFT) | Payments made periodically | |
| Excess policy | Replying to a claimant for the maturity of his policy satisfying the needs | |
| Factoring | Process of selling settlements to receive the future structured settlements | |
| Financial affidavit | Settlement statement swearing of assets and liabilities | |
| Finding |
Understanding the happenings of court and approving a decision | |
| Fixed annuity | Fixed payments made by the issuer over a period of time | |
| Grievance | Complaint made against a judge for committing injustice | |
| Guarantee period | Payment made irrespective of the whether the claimant lives or dies | |
| Guaranteed benefit | Payments made even if the claimant dies before the settlement ends | |
| Guardian | A person who takes care of an individual’s properties | |
Hobson’s choice |
Choice of choosing only available or nothing |
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| Indemnify | To pay for the loss occurred by self |
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| Intestacy laws | A law which says “intestate” if a person dies without any will | |
| Independent professional advice | An interesting deal for anyone interested in selling settlements | |
| Jurisdiction | Transfer of structured settlement payments that is overseen by the court |
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| Judgment | Order of the court | |
| Life contingent |
Payments that will be paid if and only if the annuitant is alive |
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| Lump-sum payment |
One-time payment |
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| Lifetime payments |
Payments done without caring about the length of life |
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| Lump-sum annuity |
Payments to be done on a particular future date | |
| Loan | Lump sum given in order of returning them back on a monthly basis | |
| Mean | The sum of observations divided by the number if observations |
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| Medicaid | Offering medical treatments for people who are in need |
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| Medicare | Treatment made irrespective of whether the person is poor or rich | |
| Net present value |
Current payments being made to the annuitants |
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| Notary | Signature made on legal documents | |
| Net value |
Value present in an asset after paying all expenses |
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| Notarize |
Process of certifying a document |
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| Non qualified structured settlements | Settlements that do not involve personal injuries |
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| Notary public | Person selected by the state who signs and checks all the legal documents | |
Obligor |
Owing money with an agreement |
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| One party release | An agreement released only by a particular person | |
| Payee | Party who is being paid |
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| Periodic payments |
Payments made every month or on a quarterly basis |
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| Personal injury |
Injuries made to self |
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| Power of attorney |
Authorization written legally on another’s behalf |
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| Purchasing company |
Company that agrees to buy structured settlements |
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Purchase price |
Money that the claimant will receive on selling his structured settlements |
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Period certain |
That period where the claimant will be paid his settlements irrespective of whether he is dead or alive |
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| Plaintiff | The person who has been affected or injured and brings legal action on his injury | |
| Policy limit |
Policy limit |
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| Post judgment |
Any request made after the judgment in a case |
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| Prospectus | Document written legally to sell certain securities that has information relating to the investor | |
Quote |
Price paid by a purchasing company that will buy structured settlement |
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Rate-up |
Adding the number of years to the actual number of age for structured settlement payments |
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| Recovery management |
Managing if the plaintiff is being taken good for his financial recovery |
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| Restitution | Ordering the defendant to pay for the loss incurred by him to the victim | |
| Settlement annuity |
Modifying the annuity for cash flows on one or more streams of payments |
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| Settlement planner |
A professional who helps the claimant in planning for best settlements |
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| Special needstrust |
Designed to care for the needs of an injured person |
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| Stakeholder | An individual or group that will be affected by structured settlements |
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| Structured assignments |
An alternative to annuities |
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| Structured settlements |
Settlement made by a defendant or a company to the claimant or worker for causing an injury |
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| Structured settlement company |
A company that involves in new structured settlement annuities |
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| Structured settlement funding |
Process of proving money by a company or a defendant |
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| State tax lien |
Claim marked on a state for not paying tax |
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| Statute | Law that must be followed by structured settlements which varies from state to state |
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| Structured settlement agreement | A document that says as to who paid the settlement to whom and when | |
Tort Temporary annuity Transcript |
Illegal act made by someone that results in another person paying the compensation An official document that has all the details said during the hearing of a court |
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| Temporary annuity |
Amount that is paid over a period of time or till the claimant’s death |
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| Transcript | An official document that has all the details said during the hearing of a court | |
Venue |
The location of court |
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Worker’s compensation |
Compensation made for the worker’s injury by the company |