John Darer provides structured settlement broker services where insurance licensed however, questions are welcomed from anywhere. John Darer holds insurance licenses in NY, CT, NJ, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, OH, MA, MD, ME, MI, MN, MO, ,MO, MS, NB, NC, NH, NM, OR, PA, RI, SC, TN, TX, UT, VA, VT, ,WI, WV
NY structured settlement broker, CT structured settlement broker, Buffalo structured Settlement broker, Syracuse structured settlement broker, NJ structured settlement broker, Vermont structured settlement broker, Maine structured settlement broker, rhode island structured settlement broker, Scranton structured settlement broker, structured settlement brokers, AL structured settlement broker, boston structured settlement broker, bronx structured settlement broker, staten island structured settlement broker, south dakota structured settlement broker
What is a structured settlement broker?
A structured settlement broker, is a licensed and trained insurance professional who helps to negotiate and implement a customizable schedule of future periodic payments representing damages as compensation for personal physical injury, wrongful death, workers compensation to an individual or family. The reason why a structured settlement broker will hold life insurance license is that the most common funding asset for a structured settlement is a structured settlement annuity. An annuity is a form of insurance/. A structured settlement broker will often be licensed to practice in multiple states and appointed with multiple life insurance companies issuing structured settlement annuities. It is easy to verify if the structured settlement broker is licensed in your state by going to the website of your state's insurance department and looking for your broker.
Warning: There are individuals and companies some of whom do not hold licenses, who label themselves "structured settlement broker". Many of such individuals are employed by companies that buy structured settlement payment rights for pennies on the dollar, or by search engine optimization companies or marketing networks employed by such companies to generate leads. Some companies offering structured settlement derivatives use misleading terms like secondary market annuity or secondary market annuities (which are not annuities) and structured settlement broker to capture attention
How does a structured settlement broker get paid?
A structured settlement broker earns a commission as a licensed insurance agent or broker. There is no per hour fee charged to either plaintiffs or defendants. The commission is contingency based compensation that is paid by the life insurance company issuing the structured settlement annuity either directly to the broker or via the broker's agency. At present the standard gross commission paid by all annuity issuers is 4% of premium. With certain companies the qualified assignment fee is not commissionable. If there is no structured settlement placed then the structured settlement broker does not get paid. Most states have longstanding anti-rebating laws that prohibit the rebating of insurance commissions to customers. On many structured settlement transactions there are multiple structured settlement brokers. Where there are multiple brokers the commissions are split in a manner similar to real estate brokerage commissions.
Which are the primary issuers of structured settlement annuities in 2020?
American General Life Insurance Company
Berkshire Hathaway Life Insurance Company of Nebraska
First Berkshire Hathaway Life Insurance Company
Independent Life Insurance Company
Metropolitan Life Insurance Company
Metropolitan Tower Life Insurance Company
National Indemnity Company (Reinsurance structured settlements)
New York Life Insurance Company
Pacific Life and Annuity Company
Pacific Life Insurance Company
United of Omaha Life Insurance Company
United States Life Insurance Company in the City of New York
USAA Life Insurance Company
There are additional products that can be used to fund periodic payment settlements other than the companies listed above.
What's The Difference Between a Structured Settlement Broker and a Settlement Planner?
When placing structured settlement annuities a settlement planner and structured settlement broker are doing the same thing. A settlement planner cannot place structured settlements without an insurance license. A settlement planner cannot be compensated for the placement of a structured settlement annuity without an insurance license,