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
Unfunded trust that acts as the owner of a life insurance policy. The trust receives a donor's cash payments on a periodic basis, from which the beneficiary of the trust has a specified ...
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Total amount of insurance on an insurer's books at a particular time. ...
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Same as term Flat Rate: rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
Fee paid to an agent as compensation for his or her collecting premiums for debit insurance (home service insurance, industrial insurance). ...
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
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