Charitable Remainder Unitrust
Definition of "Charitable remainder unitrust"
Trust under which the beneficiary (cannot be a charitable beneficiary) receives a fixed percentage (not less than 5% of the trust's annual value) of the net fair market value of the trust on an annual basis. The annual income paid to the beneficiary must be either for life or for 20 or fewer years. The yearly payment will increase or decrease as the value of the trust assets increases or decreases. Additional contributions may be paid into the trust after it has been created.
Popular Insurance Terms
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 ...
method of determining the worth of property to be insured, or of property that has been lost or damaged; method of setting insurance company reserves to pay future claims ...
Amount added to the basic premium (expectation of loss) to cover an insurance company's expenses. These expenses include agent commissions, premium taxes, costs of putting a policy on the ...
Refusal by an insurance company to underwrite a risk. ...
Statutory underwriting gain minus (or loss plus) policyholder's dividends. ...
Agreement that eliminates tariffs among the United States, Canada, and Mexico over a 15-year period. Approximately 65% of United States agricultural and industrial exports would be eligible ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
Group of underwriters with Lloyd's of London who specialize in underwriting a particular risk such as hull insurance. ...
Evaluation of the demographic characteristics of the entire group (such as age, sex, morbidity, mortality), as opposed to the evaluation of individuals in that group. ...
Have a question or comment?
We're here to help.