Use larger and improved versions of building pieces in order to manage and protect your new industries. Employ workers to harvest, craft, and distribute resources to every corner of your settlements. Spawn commands, ini options, bug reporting, discussion, and suggestions can be found at this discord.
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Learn How you can sell your life insurance policy for a cash settlement. Free Policy Evaluation
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Use the Benefits of a Life Settlement to Improve Your Quality of Life!
Our Success Story
I am 66 years old and I had a $5,000,000 life insurance policy. My premiums were already sky high, the last thing I needed was to hear that life insurance carriers began to increase the cost of insurance (COI). My only option was to surrender the policy for less than $6000. I immediately looked into Life Settlements and found…
When did structured settlements start?
Structured settlements came about in 1982 when the U.S. Congress passed The Periodic Payment Settlement Act of 1982 (Public Law 97-473). The act enables injury victims to obtain customized structured cash payments plans through insurance annuities that assure them guaranteed, tax-free income over time. Previously, most settlements were paid out in lump sum cash payments with any money earned from the settlement subject to taxation. Injured parties, usually unaccustomed to receiving large sums of money, quickly went through their settlement proceeds and were soon left with nothing.
What happens to the injured party in a settlement?
This insurance carrier or “assignee” then takes over the liability from the defendant and begins making periodic payments to the injured party.
How do state and federal regulators protect annuities?
Regulators use conservative accounting and investment rules, which keep insurers from investing heavily in risky investments. Investments are typically high-quality investment grade fixed income securities. Structured settlement annuities enjoy competitive returns compared to other conservative investments in addition to their tax-free status. In California, companies offering structured settlements must be first approved by the California Department of Insurance. The department evaluates the insurance carrier’s solvency and whether the carrier complies with California regulations. Carriers are also subject to mandatory annual audits and other financial compliance requirements. By regulation, all annuity reserves must have assets that are equal to or exceed the corresponding payment obligations. In addition, the assets supporting these reserves may not be removed from the life insurance company. Reserve sufficiency is mandatory and is frequently monitored by state legislators and auditors. State insurance commissioners have developed these regulations to preserve the solvency of general accounts in which assets are held so that contractual obligations to policyholders are met. These general accounts support only the obligations of the insurance companies–and not the obligations of a parent company or other subsidiaries.
Can you use a structured settlement for a wrongful death?
The traditional tax-free structured settlement can be used in any case involving physical injury or sickness as a result of a wrongful action, such as medical malpractice or an automobile accident. It can also be used in wrongful death cases, where surviving family members are involved in the litigation. In this instance, the surviving members can utilize a structured annuity providing guaranteed payments. In most states, traditional structured settlements can also be used in workers’ compensation claims.
Can you change a structured settlement?
No. Once a structured settlement is ordered, it may not be altered. You may only receive money from the annuity on specified dates in the original structured settlement agreement. The structured settlement, however, can offer great flexibility. Money can be designated to be paid on specific dates or for future education costs, a new car, even a new home.
Is Atlas Settlement Group free?
Atlas Settlement Group is paid a one-time flat commission directly from the life insurance companies where annuities are placed.
Can you use structured settlements in non-physical injury cases?
Yes. An increasing number of structured settlements are being used in non-physical injury cases such as property damage, employment cases, environmental clean-ups, real estate and business transactions and other litigated matters. In these “non-qualified” structures, settlement funds are tax-deferred until the year they are paid, rather than tax-free. For more information on non-qualified structured settlements, please contact an Atlas Settlement Group consultant.
