Alaska Trust Act
Definition of "Alaska trust act"
Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary beneficiary. In order for the statute of the Alaska Trust to be applicable, the following requirements must be met:
- At least one if the trustees must reside in Alaska or have his or her principal place of business in Alaska.
- A percentage of the assets of the trust is required to be on deposit in a checking account, brokerage account, or other similar account.
- The records of the trust must be physically located in Alaska and a percentage of the administration of the trust must take place in Alaska.
Popular Insurance Terms
Policy that pays a fixed dollar amount for each day the insured is confined to the hospital. This method of payment is in contrast with most other medical expense insurance that reimburses ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Termination of a plan. Under federal tax law, a plan can only be terminated for reasons of business necessity. Otherwise, prior employer tax deductible contributions under the plan are ...
Coverage in the event that papers of intrinsic value are damaged or destroyed. Coverage is on an all risks basis. Limits of coverage can be quite high; but the insurance company will not ...
Losses representing claims not paid. ...
Retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the basic premium for appropriate ...
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
Have a question or comment?
We're here to help.