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Reputational damage is the loss to financial capital, social capital and/or market share resulting from damage to an organization's reputation. This is often measured in lost revenue, increased operating, capital or regulatory costs, or destruction of shareholder value. [1]
Section 7702 is designed to prevent abuses of the tax-advantaged nature of life insurance. It does so by imposing a two-pronged test on life insurance contracts. How the Section 7702 Test Works
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
Insurance bad faith is a tort [1] unique to the law of the United States (but with parallels elsewhere, particularly Canada) that an insurance company commits by violating the "implied covenant of good faith and fair dealing" which automatically exists by operation of law in every insurance contract.
You may be able to take out a life insurance policy on someone else if you have the following relationships, as long as you would suffer a financial loss or undergo a financial hardship if they ...
A funded life insurance trust owns both one or more insurance contracts and income producing assets. The income from the assets is used to pay some or all of the premiums. Funded insurance trusts are not commonly used for two reasons: the additional gift tax cost of transferring income producing assets to the trust and
New England Life Insurance Company (in 1905) was one of the first specific endorsements of the right to privacy as derived from natural law in US law. Judith Wagner DeCew stated, "Pavesich was the first case to recognize privacy as a right in tort law by invoking natural law, common law, and constitutional values." [7]
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...