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
Insurance company that underwrites and sells more than one line of insurance. ...
Exchange of a new policy for one already in force. ...
Nominal interest rate minus the rate of inflation. ...
Coverage for less than one year in duration. ...
Transaction in which the ceding company pays a premium and is guaranteed certain future payments to fund future losses. If losses are less than was expected, the ceding company receives a ...
Coverage to pay basic expenses for an insured and his or her family in states with no fault automobile insurance. No-fault laws generally require drivers to carry both liability insurance ...
Life insurance on the life of a child that provides a death benefit to a beneficiary should the child die during a stipulated time period and the maturity value of the policy at the end of ...
Insurance company's total number of agents. ...
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are ...
Have a question or comment?
We're here to help.