What is a structured settlement?

A structured settlement is a type of accident law in Maine that provides for financial compensation to be paid out in regular payments over a period of time, rather than as a lump sum. It is generally used when an individual has suffered a personal injury or a wrongful death and the other party is found legally responsible. The goal of the structured settlement is to ensure the injured party is adequately supported with the necessary funds over the long-term. This protects them from the potential risk of spending the entire sum of money at once in a short time frame. It also allows the individual to receive payments adjusted to their particular needs in line with the level of compensation they received. Structured settlements can be structured to include a number of different types of payments that are suitable for the injured individual, such as lump sum payments, annual payments, a series of payments over a certain period of time, or even a combination of different payment types. The court or administrative body overseeing the settlement will usually provide a structured settlement for the injured party and determine the type of payments that will be made. Structured settlements can provide for a degree of economic and financial stability to an individual who has been harmed in an accident or due to the negligence of another. This type of accident law in Maine is designed to protect the injured individual and ensure they receive fair and timely compensation.

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What is a structured settlement?

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