Grantor Retained Unitrust (grut)
Definition of "Grantor retained unitrust (grut)"
Irrevocable trust into which the grantor places assets and receives in turn a variable amount of income from a variable annuity (amount of income will vary yearly depending upon the increase or decrease in the value of the assets on deposit in the trust) for either a given number of years, or for the lesser of a given number of years, or until the grantor's death. When the term of the trust expires, assets in the trust to include any appreciation are distributed to the named remainder beneficiary (s). If the grantor is alive when the trust terminates, the assets and their appreciation within the trust are not included in the grantor's estate.
Popular Insurance Terms
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers ...
Coverage for the expenses incurred by a business resulting from the recall of products, whether defective or not. ...
Act that seals a contract and is noncancellable. surety bonds and fidelity bonds resemble insurance contracts in many ways. However, the surety, which is often an insurance company, cannot ...
Rules that insurance companies must follow in filing an annual financial statement known as the convention blank, with state insurance departments. The reported financial condition of an ...
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for ...
Insurance coverage that will indemnify the insured in the event a foreign government or company does not abide by the terms and conditions of the contract in such instances as: Exportation ...
Salaries plus commissions plus overhead expenses plus office rent plus fees charged for memberships in industry associations and bureaus plus guaranty association assessments plus taxes ...
Will written totally in the handwriting of that individual whose name appears on the will. ...
Income supplement program under Social Security to provide a minimum monthly income to aged, blind, and disabled persons. The SSI payments, which were introduced in January 1974, make up ...
Have a question or comment?
We're here to help.