Minor Trust Account
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust cannot receive any income from the assets held in the trust. All undistributed income is taxed at trust rates, which are low. The grantor, through this type of trust, is able to control the time at which the minor has access to the assets given to him or her by the grantor (who wishes to take advantage of the annual gift tax exclusion).
Popular Insurance Terms
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life ...
Property to be insured, or that is insured, which is located within the specific geographical region falling under the auspices of the fire department. ...
Interest rate credited on three-month United States Treasury bills. ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
Same as term: engineering approach; human approach ...
Variable-rate bonds whose coupon and value increases as interest rates decrease. ...
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
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