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
Clause in a life insurance policy that states that once the cash value exceeds the net single premium (based on current interest and mortality rates) required for the policy to become ...
Contract under which an assessment insurance company can charge policyowners additional sums if the company's loss experience is worse than had been loaded for in the premium. This ...
Policy in which premiums, ownership rights, and death proceeds are split between an employer and an employee, or between a parent and a child. The employer pays the part of each year's ...
Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...
In life and health insurance, person whose physical condition is less than standard or who has a hazardous occupation or hobby. For example, an applicant with a history of strokes is ...
Rules by state insurance regulators for valuing admitted assets on the books of insurance companies. Part of the state supervision and regulation of insurers is the determination of which ...
Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Probability of loss upon which a basic premium rate is calculated. ...
Chart published in 1868 by Sheppard Homans, an actuary with the Mutual Life Insurance Company of New York, based on insured lives from 1843 to 1858. Historically, it was widely used for ...
Have a question or comment?
We're here to help.