An annuity broker is a financial specialist trained in carrying out negotiations on behalf of a claimant. He is also tasked with facilitating a payout scheme in monetary terms that has been awarded to claimant, usually an injured party in a law suit. Such lawsuits are due to negligence of defendants.
Functions of structured settlement brokers
They oversee the whole court process and negotiate terms on behalf of the claimant. Most notable benefits of hiring one is they push for reduction in the costs incurred in the court process. A notable example is reduction of the legal fee that may otherwise be huge if they are not involved.
They determine expenses that claimants will have to meet in terms of medicine and upkeep after the injury. It is through reliable research they can fix a certain amount of money to be set as compensation. Additional costs such as family expenses at times are incorporated.
Such projects assist in arriving to a compensation sum as they are used in evaluating the value of an annuity. They also consider future uncertainties such as inflation or deflation in the process of setting compensation figure. This is then spread evenly over the lifetime of claimants.
Upon getting compensation order from a court, they set up payout plans on behalf of the claimant. In most cases, payments are made yearly or biannually. However, depending on how he sees it fit, the payment period maybe put to monthly so as to cater for claimant’s expenses.
Becoming a structured settlement broker
This profession belongs to elite individuals in many countries. It is for this reason that only a few of them exist. However, one needs to get proper registration with the department of justice in their country in order to get a practicing certificate.
One also has to offer their services to at least one insurance firm. This gives one room to gain experience necessary in the profession. Individuals that have been previously convicted for serious criminal offenses are not eligible for licensing. Legal experts and insurance agents who have their licenses revoked are not eligible either.
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