Periodic installment obligations

(1) A judgment for periodic payments under this part 2 shall provide that: (a) Such periodic payments are fixed and determinable as to amount and time of payment; (b) Such periodic payments cannot be accelerated, deferred, increased, or decreased by the recipient of such payments; and (c) The recipient of such payments shall be a general creditor of the qualified insurer. (2) Unless the court directs otherwise and the parties otherwise agree, payments shall be scheduled at one-month intervals. Payments for damages accruing during the scheduled intervals are due at the beginning of the intervals. For good cause shown, the court may direct that periodic payments shall continue for an initial term of years notwithstanding the death of the judgment creditor during that term. (3) Money damages awarded for loss of future earnings shall not be reduced or payments terminated by reason of the death of the judgment creditor. Any such remaining periodic payments shall be paid to the heirs and devisees of the judgment creditor. Payments for future damages other than loss of future earnings shall cease at the death of the judgment creditor.