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A structured
settlement is a financial or insurance arrangement,
including periodic payments, that a claimant accepts to
resolve a personal injury tort claim or to compromise a
statutory periodic payment obligation. Structured
settlements were first utilized in Canada and the United
States during the 1970s as an alternative to lump sum
settlements. Structured settlements are now part of the
statutory tort law of several common law countries including
Australia, Canada, England and the United States. Although
some uniformity exists, each of these countries has its own
definitions, rules and standards for structured settlements.
Structured settlements may include income tax and
spendthrift requirements as well as benefits. Structured
settlement payments are sometimes called “periodic
payments.” A structured settlement incorporated into a trial
judgment is called a “periodic payment judgment."
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