Estate Planning
Definition of "Estate planning"
Procedure for accumulating, conserving, and distributing personal wealth. In essence, estate planning focuses on enhancement of the value of an estate and its conservation. At the death of an owner, estate planning seeks to transfer the estate to the heir (s) with a minimum loss in taxes and other expenses. Depending on the size and nature of an estate, the expertise of one or more of these specialists may be useful: lawyer, accountant, life insurance agent, banker, or a qualified financial or estate planner.
Popular Insurance Terms
Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
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Law that stipulates the minimum reserve the life insurance company must maintain for its life insurance policies and annuity contracts. This law was first developed by the NAIC as a method ...
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Coverage of a common carrier for liability on trucks that have delivered their cargo and are on the way back to the terminal. The company that hires the truck assumes liability while the ...
Risk that premiums will not be sufficient to cover future incurred losses and that losses and loss adjustment expenses' current reserves are not sufficient. ...
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