Insuring oneself or one’s business through savings or investments instead of purchasing insurance coverage.


Protecting against losses by setting aside your own money instead of using conventional insurance.

Separate Property

Refers to property owned solely by one of the spouses in a marriage. This concept can be particularly significant in connection with the regulations that affect community property.


Disposition of a claim or policy benefit.


The person who executes a deed to convey title to property, or who creates a trust. Also called a creator, grantor, donor, or trustor.

Split Dollar Life Insurance

Life insurance policy in which premiums, ownership rights, and death benefit proceeds are split between an employer and an employee.

Spouse’s Elective Share

A statutory right of a surviving spouse to receive a specified share of the decedent’s estate instead of accepting the distribution made in the will.

Springing Durable Power of Attorney

A power of attorney that ‘springs’ into effect when the principal becomes disabled. The advantage of this type of power is that no authority is granted over the principal’s assets until some triggering event (usually some physical or mental incapacity) … Continued