||Structured settlements were introduced in Canada and the United
States in the 1970's. They were introduced as an alternative to
lump sum payments, common in insurance settlements and lottery
winnings. In the decades since, they have also been accepted as
legal financial instruments in England and Australia. In a
nutshell, a structured settlement by legal definition is a
statutory agreement to pay a specified sum of money over a period
of time, on a payment system.