Final answer:
The liability for benefits for a payee or beneficiary of a structured settlement or annuity, including cash values, is typically the responsibility of the association or company that manages the settlement or annuity.
Step-by-step explanation:
The liability for benefits for a payee or beneficiary of a structured settlement or annuity, including cash values, is typically the responsibility of the association or company that manages the settlement or annuity. The association or company is contractually obligated to provide the agreed-upon benefits to the payee or beneficiary.
For example, in the case of a structured settlement, the association or company would be responsible for making the scheduled payments to the payee according to the terms of the settlement. If there are any cash values associated with the settlement, the association or company would also be responsible for managing and distributing those funds.
It's important to note that the specific liabilities and responsibilities may vary depending on the terms of the settlement or annuity agreement, as well as any applicable laws or regulations.