Irrevocable Life Insurance Trust
Estate planning device used so that any life insurance policies that are owned by and paid to the trust will avoid estate tax upon the death of the insured, and, upon the death of the insured's spouse, estate taxes will be avoided as well. The requirement of this trust are: it must be irrev
Popular Insurance Terms
Transfer of highly individualized loss exposures that is not based on the usual pooling principles of insurance such as risk identification and classification selection. Rather than setting ...
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Fund in a segregated account to provide for the return of unearned premiums on policies that are canceled. ...
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Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss. ...
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