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
Injury that continues after a wound from physical or psychic entry. (The latter is a wound that makes a lasting impression on the mind, especially upon the subconscious mind; for example, a ...
Obligatory reinsurance contract in which a reinsurer agrees to pay for all or a large portion of losses up to a limit, when these losses exceed the retention level of the cedent. The ...
Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...
Form of state rating law that requires prior approval of property and casualty insurance premiums by the state insurance department for certain changes. Here, a state generally allows new ...
Actuarial evaluation of the assets of a pension plan according to the fair market value of the assets. ...
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
One of two bureaus that writes forms and files standard rates for inland marine insurance. The other is the inland marine insurance bureau. ...
Point in time when a term life insurance policy terminates its coverage. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Have a question or comment?
We're here to help.