Structured settlements bring so much benefit in terms of lifetime financial security and yet they remain one of the most misunderstood options in the industry. We relish a good challenge, so we’re setting the record straight in the best way possible—with humor.
Chronovo has engaged one of the finest contemporary cartoonists for our new Structured Smartoons series. You may know Pat Byrnes from his brilliant work for The New Yorker and his “Monkeyhouse” comic strip. [...]
Not so. Closing a claim with a structure is as full and final as any lump sum settlement. Some claims professionals will tell you that the ongoing payments provided to the injured individual with a structured settlement mean that the case remains open for the carrier or self-insured. But this is a myth.
Claims close when agreements are final. All responsibility for ongoing payments is assigned to the life insurance company that issues the annuity. [...]
In a recent post, we talked about the ongoing roller-coaster ride on the stock markets, and how market volatility can decimate the settlement funds received by injured claimants. For these “unique investors,” who often face permanent injuries, lost wages, and a host of future medical expenses, the last thing they can withstand is the risk of losing these dollars. The settlement funds received when closing out a claim are often the only monies available to these injured parties, [...]
Quite the opposite. Structures should be straightforward and easy for everyone to understand. With a broker to guide the process and collaborate with both counsels from the beginning, settlements are clearly and perfectly tailored to the specifics of the case and bring big benefits for the injured individual.
Chronovo has structured our entire platform for ease and clarity. Our patent-pending, adjuster-facing Compass™ software—the only one of its kind in the industry—uses colorful graphs, [...]
“Using a structure ensures that money will be there for the claimant and/or their family when they need it…”
We recently had an opportunity to speak with Mitch Neuhaus, Senior VP of Claims at Safety National, about the evolution of the claims industry. Mitch’s perspectives are unique, given his 36+ years of involvement and his current leadership position at Safety National.
Chronovo: How has the claims industry changed in the past 10 years? [...]
We think a lot about the countless benefits of structured settlements. And we know that one of the best ways of getting the message—any message—across is with a bit of humor. So Chronovo has engaged one of the most humorous contemporary cartoonists to help tell the story of structures.
Introducing Pat Byrnes, the award-winning genius behind Chronovo’s new series of Structured Smartoons. [...]
Our article on Liability MSAs returns by popular demand. The creative, court-approved strategies it outlines have generated quite a few calls and meetings. As you will discover, the article does not advocate for securing LMSAs. Instead, we challenge claims organizations to consider a consistent policy and protocol on when and how they are used—at least while we await a policy from CMS that may come this fall. Furthermore, given that MSAs frequently doubled or tripled the cost of claims resolution in workers’ compensation, [...]
Not so. Most attorneys do not know the fundamentals or the myriad of settlement options that can dramatically impact your financial future. Attorneys are experts in securing the best settlement, judgment or award possible for you. Brokers are experts in maximizing the value and security of your settlement dollars.
As of 2018, there are 1.33 million licensed attorneys in the US and fewer than 800 licensed structured settlement brokers. [...]
This article is a collaboration between Ken Paradis, CEO (Chronovo) and Cameron Lindahl, Trust Officer (CPT Institute).
I. THE POWER BEHIND COMBINING SNTs and STRUCTURED SETTLEMENTS
Without realizing it, an injured individual (or others in the household) who accept a settlement award over $2,000 may lose eligibility for needs-based government benefits such as Medicaid, Supplemental Security Income (SSI) and In-Home Support Services (IHSS). The value of these government benefits is significant. [...]
In May of 2017, I published an article entitled “Is Bigfoot Real? Are Liability MSAs Coming?”i It underscored that a CMS policy on Liability MSAs (“LMAs”) might be taking shape—much like grainy photos amidst the Pacific Northwest forest. In the year since, there have been multiple LMA policy sightings but still nothing close to anything clear and unmistakable. Because of the ongoing and extremely practical concerns raised by our clients about extinguishing any future recovery action from CMS, [...]
