Alaska Trust Act
Definition of "Alaska trust act"
Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary beneficiary. In order for the statute of the Alaska Trust to be applicable, the following requirements must be met:
- At least one if the trustees must reside in Alaska or have his or her principal place of business in Alaska.
- A percentage of the assets of the trust is required to be on deposit in a checking account, brokerage account, or other similar account.
- The records of the trust must be physically located in Alaska and a percentage of the administration of the trust must take place in Alaska.
Popular Insurance Terms
Coverage for musicians and other providers of musical services such as musical instrument dealers. Musical instruments, service equipment, and sheet music are insured on an all risks basis ...
Health insurance coverage for miscellaneous medical expenses associated with a hospital stay. Benefits provided in individual and group health insurance include ambulance service to and ...
Single policy under which individuals in a natural group (such as employees of a business firm) and their dependents are covered. ...
In general, a civil wrong, other than breach of contract, for which a court will provide a remedy in the form of a suit for damages. Torts include negligent acts or omissions on the part of ...
Application for a policy, in life insurance, accompanied by the first premium; in property and casualty insurance, the insurance application itself. ...
Clause in a bond that permits a principal who was formerly insured by the bond to report a loss to the surety company that occurred while the bond was in force. The period of time for ...
Kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage from a friendly fire. For ...
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...
Extension of coverage available under the Standard Fire Policy. The standard policy only covers the perils of fire and lightning. The endorsement covers riot, riot attending a strike, civil ...
Have a question or comment?
We're here to help.