Terms Used In Iowa Code 682.2

• 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.
• Annuity issuer: means an issuer that has issued an insurance contract used to fund periodic payments under a structured settlement. See Iowa Code 682.2
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Gross advance amount: means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration. See Iowa Code 682.2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Payee: means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights. See Iowa Code 682.2
• Periodic payments: means both recurring payments and scheduled future lump sum payments. See Iowa Code 682.2
• Qualified assignment agreement: means an agreement providing for a qualified assignment within the meaning of section 130 of the Internal Revenue Code. See Iowa Code 682.2
• Responsible administrative authority: means , with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement. See Iowa Code 682.2
• security: includes , but is not limited to, a certificated security, an uncertificated security, and a security account. See Iowa Code 633D.2
• Settled claim: means the original tort claim or workers' compensation claim resolved by a structured settlement. See Iowa Code 682.2
• 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.
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Iowa Code 633D.2
• Structured settlement: means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. See Iowa Code 682.2
• Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Iowa Code 682.2
• Structured settlement obligor: means , with respect to a structured settlement, the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. See Iowa Code 682.2
• Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, if any of the following exists:
   a. See Iowa Code 682.2
• Terms of the structured settlement: means , with respect to a structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving the structured settlement. See Iowa Code 682.2
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transfer: means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. See Iowa Code 682.2
• Transfer agreement: means the agreement providing for transfer of structured settlement payment rights. See Iowa Code 682.2
• Transfer expenses: means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. See Iowa Code 682.2
• United States: includes all the states. See Iowa Code 4.1