Skip Person
Definition of "Skip person"
Person (the transferee to whom the property is transferred) who is at least two generations younger than the person (the transferor) who is transferring the property. This type of property transfer prompts the generation-skipping transfer tax.
Popular Insurance Terms
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
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In insurance, legal authority obtained by an insurance company, agent, broker, or consultant that permits them to do business in a particular state. The document issued by the state shows ...
Cash value of life insurance that accumulates according to a table in a policy. It reflects premiums in the early years that exceed the pure cost of protection during that period. If a ...
Provision of a treaty reinsurance contract stating that if an insurer fails to report a risk that would normally be covered, the re insurer is still liable for the risk. ...
Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
Association whose membership is composed of surety bonding companies. The association's primary purpose is to act as a rating bureau for member companies by collecting statistics and ...
professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Apparent agreement that is not a valid contract. ...
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