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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Commonly referred to as carriers, insurance companies are classified into two distinct groups: Property/Casualty (homeowner's, auto, etc.), and Life (life insurance, annuities, and pension products). LLIS works only with life insurance companies, and only with those that meet our quality service standards and ratings criteria. All insurance companies doing business in the U.S. are regulated by state law, rated by several agencies for their financial strength, and backed by state guaranty funds.
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.