A policy that forms the property to be held in trust for the beneficiary. People whose capital is used in their business or profession often effect whole life insurances on trust under the Married Women’s Property Act 1882 for the protection of dependants putting the policy beyond the reach of creditors. A child’s deferred insurance could also be arranged in trust for a child under the same Act. See PARTNERSHIP INSURANCE.
Insurance Encyclopedia
Trust Receipt
Release of merchandise by a bank to a buyer for manufacturing or sales purposes in which the bank retains title to the merchandise.
Trustbusting
A colloquial term for pension scheme liberation services.
Trustee
Appointed individual to administer a trust that must manage and safeguard the property according to the conditions stated in the trust. Also called grantee .
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The individual who has been placed in charge of the property of another person or people.
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A person appointed to manage the property of another. Trustee in General Average Two persons appointed by the ship owner and the cargo owners respectively to be trustees of a general average fund.
Trustee Act 1925, s.20(4)
Money recovered under an insurance on property held in trust may be applied by the trustee (or by the court) in reinstating the property, but the consent of any whose consent is necessary under person the trust instrument must be obtained.
Trustee Act 2000
An Act that gives pension scheme trustees powers to invest trust funds freely, largely irrespective of what powers are given by the deed, but introduces a range of further duties to ensure that all beneficiaries’ interest are protected with greater diligence. The Act applies to trusts established after 1 February 2001.
Trustee(s)
The person or persons (corporation or individual) appointed to carry a trust. A trustee has an insurable interest in respect of the legal right or interest in the trust property vested in him if permitted or directed by the trust deed.
Trusteed pension plan
See: pension trust fund .
Trustees (Pensions)
The people who are placed in charge of a retirement plan through a trust agreement made with an employer.
Trustees’ undertaking
Given by the trustees to the scheme actuary. This results in the trustees having to provide such information as the actuary may require and any items prescribed by regulations and professional guidance published by both the Institute and the Faculty of Actuaries.