Ultimately, to make good use of structured settlements, a lawyer must be
prepared with all the background information necessary to predict as
best they can the clients’ needs going forward.
Insurance companies are not obliged to settle claims in a lump sum, but will often do so. The advantage to them to go this route is that they no longer have to administer the file. The advantage to the claimant is the freedom to exercise their judgment as to how they will use their money, without intrusive meddling by an insurer. Note that structures may only be used by consent of the parties, or by a Court Order.
There are some insurers who deal with only a particular broker. Why, you ask? It’s a very good question, and one can only speculate, but I am sure you can probably come up with a good reason or two. For my part, I always have my quotes done through my own sources, and never just accept what the insurer’s broker says so.
Ultimately, to make good use of structured settlements, a lawyer must be prepared with all the background information necessary to predict as best they can the clients’ needs going forward.
It is very nice to be recognized by your peers as a preeminent practitioner in your field. In this case, it was my opponents recognizing what it is they wanted to learn from me. Have no fear though; I didn’t tell them everything I know. I held some things back from which only my clients will benefit.