Gift In Trust
Definition of "Gift in trust"
Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance policy with all ownership rights to a trustee. The trustee owns the policy, collects the proceeds, and administers the proceeds for the benefit of the donee son.
Popular Insurance Terms
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Obligation of the insured to report losses from a covered peril to the insurance company or its representative as soon after its occurrence as possible. ...
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