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September 04, 2007
A structured settlement is essentially a financial agreement between an insurance company and an individual. Typically, they are used when a person has been injured in an accident, at their workplace, or through medical negligence.
Instead of a lump sum payment, structured settlements provide periodic payments for a fixed amount of time. These payments might consist of equal installments, installments of varying amounts, or an upfront lump sum payment with periodic payments to follow. Structured settlement payments might be paid for a short duration or continue for the remainder of the claimant's life.