Can be altered, amended, revoked, or terminated during the lifetime of the grantor.

Revocable Trust

The provisions of this type of trust can be altered, amended, revoked, or terminated by the grantor as many times as desired during the grantor’s lifetime.


A provision attached to a policy that adds benefits not found in the original policy or that changes the original policy.

Right of Revocation

The right to recall, revoke, rescind, cancel, abrogate, or make void a power or grant.

Risk Management

Procedures to minimize the adverse effect of a possible financial loss by identifying potential sources of loss, measuring the financial consequences of a loss occurring, and using controls to minimize actual losses or their financial consequences.