The history of Structured settlement
The history of structured settlement is almost two decade old and the lump sum payment was the only method available until the introducing of periodic payment. Congress enacted laws by giving tax breaks for all the tort victims with a view to safe guard the financial security of the claimants. Post 2002, NCOIL the National Conference of Insurance Legislators has been taking the lead in solving the cases.
The step by step process of court orders, approval of periodic payment and further continuance of receiving benefits from periodic payments are being taken care of by the procedures of structured settlement. This excellent system of solving and providing relief to the tort victims through structured settlement is in growing demand now in United States. Those who are dismissed from work, find it very difficult to approach employer for filing suit. When tort victim files a suit in court, the procedure of structured settlement immediately offers suitable benefits to the victim. Further basing on the verification of facts, there can be a clear settlement through periodic payment. There are many recipients who treat periodic payments as the only asset and there is no other income. This once again reinstates a fact that the history and enactment of laws with regard to structured settlement have made the procedure very strong and professional. The result that is achieved by the recipient protects and provides financial security. People who are in need of Medicare require funds and with the medium of structured settlement, the diagnosis and treatment can be considered. Keeping the public interests in view Congress enacted several benefiting laws in terms of structured settlement that is supported by tax laws and other laws. Congress is still working on improving the standards of structured settlement which will give more benefit to tort victims. It is also a fact that those who are victimized are physically and mentally are very ill and may not possess enough strength to approach the authorities.
At this point, structured settlement offers a good relief to the injured persons. This is the safest method to receive regular payments and the names of beneficiaries are clearly mentioned. Ever since the introduction of structured settlement, there has been much success which is why, it continues to extend its growing benefits to its recipients. History and the amendment of structured settlement have made the working system quite efficient and very good.