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
One-year futures contract (standardized agreement between two parties to buy or sell a commodity or financial instrument on an organized futures exchange such as the CBOT within some future ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
Workers' premiums in a contributory employee benefit plan. ...
Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC incurs as the result of paying employee ...
Model state law of the NAIC that stipulates that the total sum of medium grade bonds (bonds carrying a rating of 3, assigned by the Securities Valuation Office of the NAIC) and lower grade ...
Optional provision in a disability income policy that allows the policyowner to increase the monthly income sum at an approximate rate of 6%. ...
When we are young, we usually don’t take our retirement seriously and don’t even know the definition of an Individual Retirement Account (IRA). We become more preoccupied with ...
Property loss in which the insured peril is the proximate cause (an unbroken chain of events) of the damage or destruction. Most basic property insurance policies (such as the standard fire ...
Reinsurance term under which the reinsurer exercises its faculty or prerogative to insure a risk or reject a risk from a ceding company. ...
Have a question or comment?
We're here to help.