Life insurance premium that is paid monthly and is not an instalment of an annual premium. Consequently when death occurs there is no deduction from the claim payment in respect of the premiums that would have been payable had the policy run its full year of death. term in the

The legal document setting out the responsibilities of the trustees, i.e. holders of property, and the rights of the beneficiaries. In the case of unit trusts the trust deed concerns the trustees and the fund managers and lays down the framework within which managers must operate.

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.

A colloquial term for pension scheme liberation services.

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.

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.

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.

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.