Nevada Revised Statutes 42.305 – ‘Terms of the structured settlement’ defined
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‘Terms of the structured settlement,’ with respect to any structured settlement, includes, without limitation, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement and any order or other approval of any court.
Terms Used In Nevada Revised Statutes 42.305
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.