by John Darer® CLU ChFC MSSC CeFT RSP CLTC
"Awarded a Settlement?" reads the headlines of a number of structured settlement buyer internet ads. But can you be awarded a settlement?
Let's set the record straight. No.
What is the Difference Between an Award and a Settlement
- A settlement is an arrangement, adjustment, or other negotiated compromise or understanding reached, as in financial, legal or business proceedings, A structured settlement is the result of a negotiated compromise.
- An award means "to give as legally due" (i.e. awarded damages to the plaintiff).It refers to a decision, such as one made by a judge or arbitrator.
In a settlement involving minors or incompetents, or distribution of proceeds of a wrongful death case Court approval is generally needed.
The bottom line is that you may be granted an award, or receive an award by judge or jury, but you won't be "awarded a settlement!"
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