structured settlement

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A form of settlement of action used in cases of serious personal injuries in which it is agreed, or the court orders, that the injured person will receive, in addition to a lump-sum award for losses already suffered, further payments on a periodic basis to cover future needs. The periodic payments are funded by an annuity purchased by the defendant and can be index-linked to provide for inflation. The courts now have the power to vary periodical payment orders as set out in the Damages (Variation of Periodical Payments) Order 2005.

Subjects: Law.

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