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4.0 PAYEE’S BENEFICIARY
Any payments to be made after the death of
any Payee pursuant to the terms of this Settlement
Agreement shall be made to such person or entity as
shall be designated in writing by Payee to Defendant,
Sisters of Bon Secours Hospital or its Assignees. If
no person or entity is so designated by Payee, or if
the person designated is not living at the time of the
Payee’s death, such payments shall be made to the
estate of the Payee. Donna Weiss-Davenport and Richard
Davenport, as co-conservators for Sarah Maria
Davenport, may designate in writing to Defendant,
Sisters of Bon Secours Hospital, or the Assignee, the
person or entity to whom Periodic Payments should be
made in the event of Sarah Maria Davenport’s death. * *
*
Pursuant to paragraphs 5.0 and 6.0 of the settlement
agreement, the Sisters of Bon Secours Hospital was authorized to
discharge its obligation under paragraph 2.2A by making a
“qualified assignment” to Allstate Settlement Corporation and to
fund the periodic payment liability through purchase of an
annuity policy from Allstate Life Insurance Company. Similarly,
those provisions authorized the hospital to discharge its
liability under paragraph 2.2B of the settlement agreement by
making a “qualified assignment” to Safeco Assigned Benefits
Service Company and to fund that liability through purchase of an
annuity policy from Safeco Life Insurance Company.
The referenced qualified assignments were made and
corresponding annuities obtained. A single premium immediate
life annuity was issued by Allstate Life Insurance Company, with
Allstate Settlement Corporation designated as the owner, decedent
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Last modified: May 25, 2011