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Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. [1][2][3] A business will sometimes factor its receivable assets to meet its present and immediate cash needs. [4][5] Forfaiting is a factoring arrangement used in ...
A structured settlement factoring transaction means a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. [1] In order for such transfer to be approved, the transfer must ...
Structured settlement. A structured settlement is a negotiated financial or insurance arrangement through which a claimant agrees to resolve a personal injury tort claim by receiving part or all of a settlement in the form of periodic payments on an agreed schedule, rather than as a lump sum. As part of the negotiations, a structured settlement ...
Life settlement. A life settlement or viatical settlement (from Latin viaticum, something received before death) [1] is the sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, [2] to a third party investor. [3] Such a sale provides the policy owner with a ...
Policy number: This is a unique number assigned to your car insurance policy. This helps your company find your exact policy when you make changes or file a claim. Policy term: The policy term is ...
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
Secondary market annuity is a where an owner of an annuity sells it to a third party in exchange for a lump sum. The effect is that the seller swaps a stream of periodic payments for a immediate lump sum payment. The initial holder of the annuity may have received a structured settlement through a court settlement, insurance claim, or other ...
An 834 file contains a string of data elements, with each representing a fact, such as a subscriber’s name, hire date, etc. The entire string is called a transaction set. The 834 is used to transfer enrollment information from the sponsor of the insurance coverage, benefits, or policy to a payer. The format attempts to meet the health care ...