The Independent Professional Adviser to Your Rescue: Going Up Against the Insurance Giants
Let's go over some real life collisions/accidents in California that ended in settlements:
Settlement: $2,409,000.00-"Wrongful Death Arising Out of Traffic Accident Involving Truck-Insured's truck driver attempted to make a left turn across highway when an auto coming in the opposite direction struck the side of the trailer." AIG Claims Archive Search
Settlement: $2,063,000.00-"The insured operates auto repair shops. A vehicle was involved in an accident, which killed the driver and injured the passenger, after being worked on at the insured's shop. It is alleged that the insured ground down the brake rotors too far, installed the wrong brake calipers, and when rotating the tires, placed the tires with less thread on the rear instead of the front. Testing concluded the rotors had been ground down past applicable limits. There was no difference in the thread in the front and rear tires. The police reconstruction test concluded the accident was caused by operator error-driving too fast on a wet roadway. Insured accident reconstructionist concluded the same." AIG Claims Archive Search
Settlement: $11,036,000.00- "The insured is a retail pharmacy. The insured's pharmacy had been filling prescriptions for a minor patient over a 14-month period. The patient was receiving a drug used to control a seizure disorder and was seizure free over that period of time. The pharmacy misfilled the prescription with the wrong dosage of the drug. The patient suffered an overdose of the drug. The patient was treated and considered to have recovered, but suffered significant complications several weeks later as seizures returned." AIG Claims Archive Search
Where does all this money come from? Insurance companies are backed by underwriters, that are backed by larger insurance companies that are backed by even larger multinational insurance companies, that aren't even called insurance companies anymore at this level; they're called "Financial Institutions" that sell and buy "financial products", like annuities, that make up structured settlements.
The cases above were settled because the money was made possible by the giant Financial Institution, the annuity issuer, who in the end gets notified if one of these claimants decides to sell parts or all of their settlement.
If you were to sell part or all of your settlement, you will be going up against this type of insurance giant, because they get notified if you decide to sell. It's the law. Requirements of California Insurance Code §10139.5(f)(2) requires that a notice of the proposed transfer and the application for its authorization be filed with the court and served on all interested parties not less than 20 days before the scheduled hearing on any petition for approval of a transfer of structured settlement payment rights.
This includes the insurance giant that issued the expensive annuity, the underwriters, and the original insurance company. Are you prepared to go up against these insurance giants?
Transfer Companies are big, insurance-type companies that communicate everyday with the insurance companies. By obtaining independent professional advice, you can step outside of the insurance arena and be represented independently. Let your independent professional adviser protect you and rescue you from the insurance giants.