Revocable Living Trust
Trust in which rights to make any changes therein are retained by the grantor. At the grantor's death all rights become irrevocable. This type of trust has several advantages: it can avoid probate, it prevents public disclosure of the assets of the trust, it can easily be revised or terminated, and it promotes continuity for the transfer of the estate. However, since the grantor retains ownership rights under this trust, the trust loses all of the income and estate tax advantages available under an irrevocable living trust.
Popular Insurance Terms
Provision of a property insurance policy which covers conditions usually present in a particular location. For example, there is an inherent risk of explosion in a flour mill. ...
Program of health care designed for the prevention and/or reduction of illnesses by providing such services as regular physical examinations. This care is in opposition to curative care, ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Written notice, to be submitted by the claimant, required by the insurance company in the event of an insured peril. This notice is part of the standard property and casualty insurance ...
Year in which an annually renewable insurance policy was first issued. ...
Relationship of gains from investments (including realized capital gains) resulting from insurance operations to earned premiums. ...
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Central (main) office of an insurance company whose facilities usually include actuarial, claims, investment, legal, underwriting, agency, and marketing departments. ...
Legislation to eliminate most tax shelters and write-offs in exchange for lower rates for both corporation and individuals. It was intended to be revenue neutral; that is, to bring in the ...
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