Glossary of
Vocab Terms

A helpful guide to financial legal words and terms.

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Benefits Letter:

Document provided by your insurance company that details up-to-date structured settlement payment information including; payment dates and amounts, policy number, and beneficiary information.

Settlement Agreement:

The final agreement between the parties of the original lawsuit. It contains detailed information regarding the lawsuit, its’ outcome and, often times, insurance company and payment information.

Annuity Contract:

Contract provided by your insurance company that details policy information including; payment dates and amounts, policy number, and relevant beneficiary information. This document is typically issued around the time of settlement.

Personal Injury Lawsuit:

A lawsuit that is filed after someone suffers harm from an injury where someone else might be legally responsible for that harm.

Wrongful Death:

A lawsuit brought by the surviving family members and/or loved ones of someone who was killed as a result of someone else's negligent behavior or an intentional act. This lawsuit is usually brought against the person, persons or entity believed to be responsible for the death.

Medical Malpractice:

Any act or omission by a physician during treatment of a patient that deviates from accepted norms of practice in the medical community and causes an injury to the patient. Medical malpractice is a specific subset of tort law that deals with professional negligence.

Domicile:

The true fixed permanent home of a person; a place to which, even if he or she were temporary absent, they intend to return.

Beneficiary:

Any person or entity who is to receive assets or profits from an estate, trust, or an insurance policy.

Dependent:

A person dependent upon another person for care and/or financial support, including: domestic partner, natural children, stepchildren, legally adopted children and any other individual for whom a person is the legal guardian.

Notary:

A person who has the legal authority to act as an official witness when legal documents are signed. They are responsible for verifying your identity. They will generally ask for photo identification.

Time Value of Money:

The concept that money available at the present time is worth more than the same amount in the future due to a variety of factors.

Net Present Value:

The calculation of the present value or all future cash flows. Include link to YouTube video or post on page.