NU Online News Service, Feb. 3, 9:34 a.m. – The National Structured Settlements Trade Association, Washington, says its member life insurance companies wrote $6.1 billion in annuities in 2002 to help implement structured settlements for physical injury claims.
Volume was up only 1.2% from 2001, but it was up 53% from 1999, according to association figures.
Structured settlements provide a steady flow of tax-free income for recipients of damage awards, to decrease the recipients' taxes and protect them against the temptation to spend a large, lump-sum award too quickly.
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