Child

For Social Security purposes includes the worker’s biological child or any other child who can inherit intestate personal property under state law or who meets certain specific requirements under the Social Security Act: legally adopted child; equitably adopted child, stepchild, grandchild.

Child’s deferred insurance

Life policy under which, until the agreed ‘vesting age’ (e.g. 18), the premium is paid by the parent. At ‘vesting’ the child takes over the policy on a whole life or endowment basis in his own name at the insurer’s normal rates regardless of health. Alternatively the child may take the cash sum or defer the benefits. If the parent dies before the ‘vesting age’ premiums are suspended until the child takes over the policy.

Chinese wall

The separation of key functions of a business to ensure that no conflicts of interest arise, and to prevent the inappropriate transfer of sensitive or regulatory information to another part of the business.

CHIP

Acronym for Children’s Health Insurance Program; see State Children’s Health Insurance Program (SCHIP).