Fortis offers structured settlement options not only for MSA funding but also for indemnity claims, which helps save money and allow difficult cases to settle.
What is it?
The insurance company, self-insured or TPA purchases a fixed annuity from an A.M. Best A, A+ or A++ rated life insurance company to pay the Claimant a series of payments for a specific period of time or for the Claimant’s lifetime.
The Structured Settlement is GUARANTEED, FIXED, and TAX-FREE for the claimant.
- Cost savings
- Caps exposure
- Transfers mortality and investment risk to the life insurance company
- Eliminates future reserve contributions
- Leveraging of rated ages offered by life insurance companies
- Can be used to help settle both indemnity and workers compensation claims
Services Performed by Fortis Settlement Solutions
- Collect and review claimant’s medical information
- Submit appropriate medical information to the various life markets to obtain rated ages
- Prepare Annuity Proposal to fund the MSA which requires pricing the annuity with as many as seven dierent life insurance companies to obtain the most competitive pricing
- Participate in Settlement Negotiations, either in person or over phone.
- Prepare pricing and funding options during settlement negotiations, or as a resource to the adjuster
- Upon notication of settlement, we determine the most competitive annuity pricing available prior to annuity funding. This requires re-quoting all annuity components to the settlement
- Request annuity premium check(s) from self-insured, insurer or TPA.
- Gather claimant information including proof of birth and, if applicable, beneciary designation
- Prepare annuity application(s)
- Fund all annuity components of the settlement
- Provide defense counsel with required wording for all settlement documents
- Review all required documents prior to obtaining signatures and any necessary court or board approval
- Prepare and circulate assignment or reinsurance documents for proper signatures
- Obtain the signed and approved settlement documents from defense counsel
- Distribute issued annuity policies to all parties.
- Lifetime policy services for claimant (address, banking and beneciary changes; etc.)