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Insurance Glossary

Industry jargon and unfamiliar terminology can be confusing.

No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.

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Beneficiary: Minors

​Minors cannot receive or control life insurance proceeds. State laws determine when children are entitled to receive the insurance proceeds, some as young as 16 or as old as 18. The solution: establish a trust to receive the life insurance proceeds. The advantages: the applicant establishes the trust, selects the trustee, and determines the terms under which assets can be used and distributed from the trust.