by Structured Settlement Watchdog
Orlando based structured settlement factoring shill Annuity.org cited and misquoted an authority on something so simple it defies even their poorly enforced standards which I've consistently called out for more than half a decade.
Says Catherine Byerly, in the unyoked preamble to Negotiating a Structured Settlement "According to the "National Structured Settlements Trade Association", the plaintiff is the person who has been wronged, the defendant is the person or company who caused the harm and the consultant is known as a qualified assignee".
The Annuity.org link goes to NSSTA's glossary of terms. Thank you very much.
What NSSTA's glossary actually says is:
- Plaintiff: the person who initiates a lawsuit against a person or entity. Also called annuitant, claimant, or employee
- Structured Settlement Consultant: a person who is an expert in structured settlements. He/She is licensed to sell insurance in the states where he/she practices and is appointed by the life insurance companies to specifically sell structured settlements.
- Assignee: the third-party company, usually affiliated with a life insurance company that accepts assignment from the defendant or its liability insurer of the obligation to make the periodic payments outlined in the settlement and acts as owner of the annuity contract, in accordance with Section 130(c). Also called “Assignment Company”.
Annuity.org represents to the public that Byerly's work was purportedly checked by an editor, Emily MIller, and then financially reviewed by a purported expert, Somer G. Anderson PhD CPA GGMA Asst. Accounting Director at Maryville University Simon School of Business in Saint Louis Missouri. I sure hope Dr. Anderson does a better job of reviewing her students' debits, credits, journal entries and audit trails.
What Annuity.org claims about their standards is often belied by their work that purports to relate to structured settlements:
"Annuity.org’s experts are licensed professionals who verify their content is financially accurate and consistent with current industry best practices and standards. They rely on their years of experience and formal education and training to ensure their content is balanced, factual and beneficial, so you can trust that the information you read here will help you make sound financial decisions".
My interest is seeing that consumers of structured settlements have the clearest path to accurate information about structured settements.
Figuratively speaking, Annuity.org is a series of potholes that impede progress on "Knowledge Road".
I've even offered to help proofread to help mitigate the inaccuracy on display, but have yet to be taken up on it.
