Estate Planning
Definition of "Estate planning"
Procedure for accumulating, conserving, and distributing personal wealth. In essence, estate planning focuses on enhancement of the value of an estate and its conservation. At the death of an owner, estate planning seeks to transfer the estate to the heir (s) with a minimum loss in taxes and other expenses. Depending on the size and nature of an estate, the expertise of one or more of these specialists may be useful: lawyer, accountant, life insurance agent, banker, or a qualified financial or estate planner.
Popular Insurance Terms
Sum of insurance provided by a policy at death or maturity. ...
Endorsement to commercial general liability insurance (CGL) for a business responsible for boats it does not own. Whether the boats are leased from another firm or owned by employees who ...
Life insurance on the life of a child that provides a death benefit to a beneficiary should the child die during a stipulated time period and the maturity value of the policy at the end of ...
Money that is lent. In life insurance, a loan can be taken against the cash value of a life insurance policy at any time. The policyholder does not have to repay the loan until the policy ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
Improvements or renovations to a leased business or residential property made by a tenant to meet its particular needs. Loss of use of these improvements as a result of damage is covered by ...
Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided ...
Investments made in a variety of securities issued by government agencies. ...
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