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While it is often confused with a life settlement, a viatical settlement actually has some notable differentiating factors regarding how it works and the circumstances of eligibility. A life settlement is when a policyholder sells their life insurance policy for a cash payout. This is typically done when the insured no longer needs the policy, can no longer keep up with the premiums, or if they would simply rather have a smaller payout sooner to cover their financial needs. Viatical settlements, on the other hand, are less common and pursued specifically by those with serious illnesses and short life expectancies. The policy holder sells their life insurance policy to a third-party buyer, usually at a significantly discounted rate, in exchange for an immediate payout. This is usually done because the seller needs financial assistance dealing with their illness.

Viatical settlement history

Viatical settlements have existed along with life settlements since the 1911 Supreme Court ruling in Grigsby v. Russell where it was decided that life insurance policies are personal property that may be lawfully sold to third parties. They didn’t become prominent, however, until the AIDS epidemic of the 80s where young people were suddenly facing the possibility of dying from the disease in just a few years. By selling their life insurance policies, many were able to afford medical treatments that could extend, and in some cases even save, their lives.

Seller qualifications

A seller needs to meet three basic criteria in order to qualify for a viatical settlement. First, they must have a terminal illness with a life expectancy in the timeframe of two to four years. Second, the policy needs to have been in effect for at least two years. Finally, the policy must come to a value of $100,000 or more.

All life insurance policies are acceptable, whether they’re term or permanent policies. There are still a variety of factors, however, that can affect the payout of a viatical settlement. Such factors may include the seller’s illness and its stage, individual policies of companies and brokers involved, the death benefit of the policy, and any other factors deemed relevant.

 Why pursue a viatical settlement?

One of the most common reasons to pursue a viatical settlement is because the seller simply can’t afford their insurance premiums any longer. The settlement frees them from this financial burden and also provides a payout for the seller to pursue medical care or other needs. This is a particularly good choice if the seller no longer has anyone relying on the death benefit of their policy.

A viatical settlement can also be a good choice when a term policy is nearly expired. Instead of letting it run out, it may be possible to convert to a whole policy and sell it. It’s also worth looking into selling a policy if it’s about to lapse. Most companies offer a grace period before the policy lapses from non-payment, and even a small payout is better than just wasting the policy. 

Advantages over other options

There are two main advantages to a viatical settlement over other options for those inclined. A viatical settlement will almost always provide a larger payout than other forms of financial assistance. Viatical settlements also have a specific advantage over life settlements in that they are tax free. They can often be the best option for a seller to improve their quality of life during the time they have left. If one decides to pursue this option, it’s often as easy as a brief application and a payout within days, if a buyer is found.

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It is true that most car accident claims can be resolved outside the court. In such a case, there will be no reason for filing a lawsuit. However, there are instances when the cases cannot be resolved and so it necessitate for filing a case in a court of law.

This post looks at three reasons why it may be necessary for you to seek the services of a professional in car accident case.

  1. When The Parties Are Unable To Agree On Who Was On the Wrong

When two parties get involved in a car accident, it is necessary that they determine who was at fault. Unfortunately, knowing the party that was on the wrong may not be easy. It can lead to a heated exchange making it difficult for the matter to be resolved without instituting a legal proceeding. In some cases, the parties may agree on who caused the accident but they may not agree on the amount to be paid as compensation to the injured plaintiff. When this happens, it is necessary that you get a professional to help sort this out. You need to find a competent attorney to institute a legal proceeding so that the injured party can be compensated.

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Source: https://pixabay.com/en/calculator-calculation-insurance-385506/

  1. When Dealing With an Insurance Company

Most people think that dealing with an insurance company over personal injury matters is easy. However, the truth is that it is a difficult task that needs to be handled by an experienced personal injury attorney. Remember insurance companies are aware that they can avoid paying more by underestimating losses. In some cases, they may refuse to pay when they realize that the injured person does not have an attorney.

For this reason, it may be necessary that you get an attorney to investigate the accident and gather the evidence to use to argue the case out. Hiring a law firm allows the injured person to access professional investigators that will make it difficult for the liable person to dispute liability. Most companies have the best lawyer for car accidents who will help tilt the case in your favour.

  1. When the Case Requires Medical Experts Input

To maximize on car accident claims, it is important that you hire a law company that has the best lawyer for car accidents and is versed in medical matters. In accident cases, there is always a need to establish the connection between the injuries and the causes. An attorney must establish that the injuries were caused by the negligence of the defendant.

Hiring a company with an attorney that is skilled in medical progress documenting could be an added advantage because he will be able to portray the effect of the accident to your future life and demonstrate activities that you may not be able to do as a result of the accident. If the injured person is incapacitated, the attorney should demonstrate this and use the information to compute compensation.

The attorney needs to prepare the papers to be filed, organize the evidence that will be presented and the opening remarks. He will also be responsible for presenting the witness and cross-examining the defendant. Remember the amount of settlement the plaintiff gets is mostly dependent on the attorney’s negotiating skills.

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Sandra Bullock is suing watch company ToyWatch she claims used her image in advertising without her permission.

Now Sandra Bullock is the subject of a lawsuit by an insurance company that wants to determine if it should pay out if she wins her case.

Sandra Bullock is suing watch company ToyWatch she claims used her image in advertising without her permission

Sandra Bullock is suing watch company ToyWatch she claims used her image in advertising without her permission

The legal maneuver is being taken by the insurers of ToyWatch, which made the timepiece Sandra Bullock’s famously indomitable mom character wore in The Blind Side.

According to TMZ, ToyWatch has a policy in place that might cover a judgment in case they lose in court.

The insurance company does not want to wait until after the initial lawsuit has ran its course, and on Monday legal docs were filed against Sandra Bullock, asking a judge to decide if they’re on the hook in case the actress wins.

The flashy white timepiece Sandra Bullock wore as Leigh Anne Tuohy was a key part of her gaudy appearance.

The ToyWatch soon became popularly marketed online as the Sandra Bullock watch, with its sales likely to have been affected by its connection to the Oscar-nominated film and its successful leading lady.

Sandra Bullock last year sued the Italian-owned company for using her name and image in its adverts.

She alleges ToyWatch USA’s use of her name and image infringes her publicity rights and claimed it may lead to over-saturation of her commercially valuable name.

At online sales sites, including Amazon, the watch is associated with Sandra Bullock, who claims the watch maker also uses her name on its website.

The lawsuit stated Sandra Bullock “will not voluntarily appear in print or other media for a company or product unless she carefully selects and believes in the company and product, and unless the compensation she receives is commensurate with the value of the exploitation of her name, image, identity, and persona”.

If ToyWatch is found to have negatively impacted Sandra Bullock’s name, misappropriating it to its own advantage without any benefit to her, she may win damages and see an injunction placed on the company.

The watch – on sale for around $272 – “features a diamanté rotating bezel encrusted with synthetic mineral glass stones, which is set against a white dial with diamanté markers”.

“The white plasteramic linked strap securely fastens with a butterfly clasp” according to marketing information.

If Sandra Bullock proves to be as steely as her character in the 2009 football tale, ToyWatch may live to regret its marketing moves.

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Texan insurance company SCA Promotions plans to file a lawsuit next week to recoup $12 million from disgraced cyclist Lance Armstrong.

SCA Promotions insured bonuses paid to Lance Armstrong when he claimed his fourth, fifth and sixth Tour de France wins.

Lance Armstrong has admitted using performance-enhancing drugs for all seven of his Tour de France wins.

“We will likely file that lawsuit as soon as next week unless we get a satisfactory response from Armstrong’s camp,” SCA lawyer Jeff Tillotson said.

The insurance policy was taken out by Tailwind Sports, owner of the US Postal team, to cover performance bonuses payable to Lance Armstrong if he claimed his fourth, fifth and sixth Tour victories.

SCA initially refused to pay out money covering the bonus for Lance Armstrong’s sixth Tour win in 2004, totalling $5 million, because it argued Armstrong was not a clean rider.

SCA Promotions plans to file a lawsuit next week to recoup $12 million from disgraced cyclist Lance Armstrong

SCA Promotions plans to file a lawsuit next week to recoup $12 million from disgraced cyclist Lance Armstrong

Lance Armstrong took the company to an arbitration hearing in Dallas in 2005 and won, because the contract between the parties stipulated the insurance money would be payable if Armstrong was the “official winner” of the Tour.

But, after Lance Armstrong’s confession of doping to Oprah Winfrey this week, Jeff Tillotson said his client would be looking to recover the money, now assessed at $12 million because of legal costs and interest.

The Dallas attorney gave his reaction to the Armstrong interview with Winfrey, saying he found it “jaw-dropping” that Lance Armstrong had admitted all the things he denied in the arbitration hearing in 2005.

“Every question in his testimony that he answered no to when I asked him, he answered yes to Oprah Winfrey,” he said.

“So it was pretty clear from the first few minutes of the interview he was admitting that he had committed perjury in our legal proceedings in the US.

“From our perspective we were somewhat floored by how quickly he admitted that.”

Jeff Tillotson said Lance Armstrong was yet to get in touch with him personally, or SCA Promotions.

There have been suggestions that Lance Armstrong could also be charged with perjury for lying under oath in 2005 but Jeff Tillotson admits this is unlikely to happen.