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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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Irrevocable Trust

​A type of living trust, it generally constitutes a complete gift made that may have gift tax consequences. Control and ownership are relinquished to the trustee over any property placed in an irrevocable trust. Income and estate tax savings that are applicable to any gift of property or cash may also result.