Page 6 - Glossary of Terms flipbook

settlement agreement a legal document executed by all parties of a lawsuit or claim stating the facts of
the case and the terms by which the plaintiff releases the defense. The payments
to be made by the defense, the purchase of the annuity, and consent language
for the assignment may appear within the document as well.

single premium deferred
annuity an annuity purchased for a single premium with a deferred payout.

single premium immediate
annuity an annuity purchased for a single premium with an immediate payout.

structured settlement the settlement of a claim or lawsuit by means of a series of periodic payments.
May be funded by the purchase of an annuity policy.

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