Living Well
Legal document that permits the individual to declare his or her desires concerning the use of life-sustaining treatment to be made at the point in time when death is imminent and the individual no longer has control of his or her faculties. This type of will has the advantages of ensuring that the individual's wishes are followed to the conclusion and that a family member does not have the burden of making extremely agonizing decisions on behalf of the individual. It is the requirement of most state statutes that such a will be signed, dated, and witnessed (excluding anyone who has an interest in the estate of the individual affirming the will). Also required by most state statutes is that the will include both a statement of capacity and a statement of intent by the individual. The following states have statutes addressing the living will issue: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well as Washington, D.C.
Popular Insurance Terms
Federal tax imposed on the estate of a decedent according to the value of that estate. The first step in the computation of the federal estate tax owed is to determine the value of the ...
Coverage that goes into effect when an individual's claim reaches a specific threshold selected by the employer who has self-insurance. After this threshold is reached, the policy pays ...
Approach advocated by the Federal Trade Commission (FTC) in its 1979 life insurance cost disclosure report. It calculates the rate of return earned by the savings element of a life ...
Relationship of gains from investments (including realized capital gains) resulting from insurance operations to earned premiums. ...
Date at which an insurance policy goes into force. ...
Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a ...
Supplementary life insurance reserve required by state regulators when the gross premium is lower than the valuation premium. Some life insurers are able to charge policyholders a premium ...
Dollar limitations under the Internal Revenue Service code as follows: The elective annual deferral limit is $10,000. A highly compensated employee's annual compensation limit is $80,000. ...
Record of insurance policies sold to an individual. ...

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