by John Darer CLU ChFC MSSC CeFT RSP CLTC
Cookie Cutters Belong in the Kitchen
I am astonished by the frequency with which my industry colleagues, representing certain insurance companies, rely on a cookie-cutter approach to structured settlement documents. These standardized documents are diluted versions of what was standard practice two decades. It is even more surprising that elements of this "cookie-cutter approach" manage to pass the scrutiny of numerous legal counsel.
There Must a a Clearly Defined Periodic Payment Obligation in the Release
Without it, what is being assigned by way of a qualified assignment? Visit IRC 130 and the see the Definition of a Qualified Assignment that appears there.
Qualified Assignment Missing Name/Title and Date of Document embodying the obligation to make periodic payments
The first recital and decretal paragraphs of the majority of qualified assignment documents, cite to the aforementioned defined term in the beginning of the qualified assignment document.
Perhaps some of the legal scribes among our readers could explain what (if anything) "shooting blanks" means legally.
I am often snicker when I hear from a colleague "that the insurance company insists on doing it this way". Yeah right, I'm sure that there was an edict "from up above" to have a "blanks-in" standard.
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Last updated May 25, 2025
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