Irrevocable Living Trust
Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of his or her estate in order to avoid federal estate tax on the second estate distributions to heirs, as well as to avoid probate expenses. The primary disadvantage of this type of trust is that the grantor surrenders all control over the assets and the right to change the terms of the trust.
Popular Insurance Terms
Government agency whose function is to administer the Federal Flood Insurance Program, the Federal Crime Insurance Program, and the fair access to insurance requirement (fair) plan. ...
Trust that cannot be revoked by the creator. ...
Contract combining whole life and decreasing term insurance. A monthly income is paid to a beneficiary if an insured dies during a specific period. At the end of that period, the full face ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Injury that does not qualify either for partial or total disability income under a disability income or Workers Compensation policy. ...
U.S. government group term life insurance for male and female members of the federal uniformed forces on active duty, underwritten by private insurance companies. Premiums reflect peacetime ...
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Have a question or comment?
We're here to help.