A structured settlement is more or less a financial and/or and insurance arrangement, which includes periodic payments, which a claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation. Structured settlements have been first started in Canada and later the US during the 1970s as an alternative to the then prevalent lump sum settlements. Structured settlements are now part of the statutory tort law of several major countries including but not limited to: Australia, Canada, England and the United States.
Although there is some uniformity in all of these countries, each single country has a slightly different approach to it with varied definations, rules for the structured settlements.
Structured settlements may also infact include income tax and spendthrift requirements and benefits as well. Structured settlement payments are sometimes also called “periodic payments”. A structured settlement incorporated into a trial judgment is called a “periodic payment judgment”.
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