A growing reference library for the terms people search when they want to understand asset structuring, PPLI, trusts, family office planning, privacy, tax efficiency and succession.
Search across the wider ASC library, not only the visible dictionary cards.
Many readers first search for the meaning of a term. The ASC Dictionary gives them a simple definition first, then points them into the wider ASC learning library.
The coordinated organisation of wealth through structures, documents, entities and instruments so assets can be protected, grown, preserved and transferred with greater clarity.
A system view of wealth that connects legal structures, tax position, liquidity, governance, reporting, succession and family decision making.
A coordinating function that helps a family organise wealth, advisors, governance and long term planning. It can be formal or informal, internal or outsourced.
A dedicated private office serving one family, typically created when wealth complexity, privacy requirements and coordination needs justify an internal team.
A platform that serves multiple families by coordinating planning, structures and advisory functions without each family needing to build a full office internally.
Planning that helps wealth, values and decision making move from one generation to the next with less friction and greater continuity.
The preparation of people, documents, governance and liquidity so an ownership or leadership transition can happen without confusion.
Accessible capital needed to settle taxes, debts, expenses, distributions and family obligations when death or transition occurs.
Planning for when cash is needed, where it will come from, who can access it and what assets should not be forced to sell at the wrong time.
A consolidated picture of what a family owns, how those assets are held, where they sit, and who controls or can access them.
An organised record of documents, contacts, instructions, assets, structures and key decisions that helps a family operate during normal periods and transition periods.
A practical diagnostic asking whether the family can access information, authority and liquidity in the first 72 hours after a major incapacity or transition event.
The rules, meetings, roles and communication practices that help a family make decisions together around wealth and responsibility.
A written family governance document that captures values, decision rules, roles, succession principles and expectations for future generations.
A regular forum where family members discuss governance, education, communication and decisions relating to shared family wealth or enterprise.
The process of preparing heirs to understand wealth, responsibility, governance, family values and the structures they may one day inherit.
A legal relationship in which assets are held by trustees for beneficiaries according to the terms of a trust deed and applicable law.
The person who establishes a trust and contributes assets or defines the trust arrangement. Some jurisdictions use the term grantor or trust creator.
The person or institution legally responsible for holding and administering trust assets according to the trust deed and fiduciary duties.
The person or class of persons intended to benefit from a trust, policy, estate or other structure.
A person or office that may be given oversight powers in a trust structure, such as approving trustee decisions or replacing trustees.
A non-binding guidance document often written by a settlor to help trustees understand intentions, values and distribution preferences.
A duty to act in the interest of another person or group, often relevant to trustees, directors, advisors and others managing wealth structures.
A trust conversation introduced in ASC materials that emphasises privacy, control, flexibility and family adaptability.
A private life insurance structure often used by affluent families as part of broader wealth planning because it may combine investment, legal, tax and succession features inside one wrapper.
A wealth architecture framework formalised by Dr. Sanjay Tolani that brings together consolidation, privacy, liquidity, cross border efficiency and intergenerational continuity.
A broad term for using an insurance policy structure to hold or support wealth planning goals, often discussed in liquidity, succession and tax efficiency planning.
A way of analysing life insurance not only as protection but also as a planning asset with liquidity, transfer, reserve and structural roles.
The person or entity that owns an insurance policy and holds contractual rights under the policy, subject to the policy terms and law.
The person whose life is insured under a life insurance policy. The insured person may or may not be the policyholder.
The instruction naming who should receive policy proceeds or certain benefits when a triggering event occurs.
The amount payable under a life insurance policy upon the insured person’s death, subject to the terms of the policy.
The value that may accumulate inside certain life insurance policies and may be relevant to surrender, borrowing, collateral or policy performance.
The US Internal Revenue Code provision defining what qualifies as a life insurance contract for US federal tax purposes.
A test under IRC §7702 used to determine whether a contract qualifies as life insurance for US federal tax purposes.
A test under IRC §7702 that limits premium funding relative to policy benefits and helps determine life insurance qualification.
A US tax classification for certain life insurance contracts that are funded beyond statutory limits, changing the tax treatment of distributions.
The effort to reduce unnecessary tax leakage through better timing, ownership, structure and coordination, while staying within the applicable law.
The planning discipline of separating, organising or legally protecting assets so families are less exposed to creditor claims, disputes or unnecessary erosion.
A company used to hold shares, investments, intellectual property or other assets, often as part of a broader ownership or governance structure.
A company incorporated outside the owner’s home jurisdiction, often used for holding, trading, investment or structuring purposes depending on law and tax rules.
A legal structure used in some jurisdictions for holding assets, governance, philanthropy or succession planning, depending on local law.
Ultimate Beneficial Owner. The natural person who ultimately owns or controls an entity or arrangement.
A registry or reporting mechanism that records beneficial ownership information for companies, trusts or other arrangements, depending on jurisdiction.
The Common Reporting Standard, an international reporting regime for financial account information that affects how structures and accounts are reported.
The Foreign Account Tax Compliance Act, a US regime affecting reporting and documentation around foreign financial accounts and certain structures.
The jurisdiction or jurisdictions that treat a person or entity as tax resident under their rules, often affecting reporting and taxation.
A legal concept often connected to a person’s permanent home or long term connection to a jurisdiction, sometimes relevant to estate or inheritance tax.
Assets considered located in a particular jurisdiction for legal or tax purposes, often important in cross border estate planning.
A legal process through which a court validates a will or administers estate transfer, depending on jurisdiction.
A tax that may apply to the transfer of assets at death in certain jurisdictions.
A tax that may apply to assets received by heirs or beneficiaries, depending on jurisdiction and relationship.
A tax that may apply when assets are transferred during lifetime, depending on jurisdiction and exemptions.
A tax that may apply when an asset is sold or disposed of for more than its tax basis or acquisition cost.
Controlled foreign company rules that may tax or report foreign company income to resident owners, depending on the jurisdiction.
Rules requiring certain entities to show real activity, management, people or presence in a jurisdiction, depending on local law.
The review process used to understand a client, structure, transaction, risk, documentation or compliance position before proceeding.
Know Your Customer. A compliance process used by financial institutions and professionals to identify clients and understand risk.
AUA means assets under administration, while AUM usually means assets under management. The distinction matters when discussing who administers assets versus who makes investment decisions.
These definitions support the new Insurance Knowledge Hub and help beginners move from basic vocabulary into deeper asset structuring concepts.
The person or entity that owns the policy and controls policy decisions.
The person whose life is insured under the policy.
The person or entity entitled to receive the policy benefit.
The payment made to keep an insurance policy in force.
The amount the insurer promises to pay when the covered event occurs.
The amount paid to beneficiaries when the life assured dies.
The accumulated value inside a permanent life insurance policy.
The amount available if a policy is cancelled, subject to charges and terms.
A loan secured against the cash value of a policy.
The process insurers use to assess risk and decide policy terms.
A higher premium charged when the insured presents elevated risk.
A condition or event that the policy does not cover.
An added benefit or modification attached to a base policy.
A short period after a missed premium during which coverage may remain in force.
The early policy period when an insurer may investigate misrepresentation.
The act of naming who should receive policy proceeds.
The summary page showing key facts of the policy.
A projection of how a policy may perform under stated assumptions.
The portion of an illustration that shows contractual guarantees.
Illustrated values based on assumptions that may not occur.
Coverage for a defined period with no cash value.
Permanent insurance with guaranteed death benefit and cash value.
Permanent insurance with flexible premiums and policy values.
Universal life where interest crediting may be linked to an index.
Universal life with investment subaccounts that can rise or fall.
A policy combining insurance coverage with investment fund exposure.
Coverage that pays on diagnosis of specified serious illnesses.
Coverage that replaces income when disability prevents work.
A contract that provides income for a period or lifetime.
An annuity where income begins at a future date.
An annuity where income begins shortly after premium payment.
An annuity that pays while either of two people remains alive.
Coverage provided through an employer or group arrangement.
Business coverage on a person whose loss would damage the business.
A business agreement governing ownership transfer when an owner exits, dies or becomes disabled.
Borrowing to fund insurance premiums, usually with collateral and spread analysis.
A Sharia aligned risk sharing arrangement based on mutual guarantee.
A contribution into a takaful risk pool for mutual support.
An agency model used in takaful where the operator manages the fund for a fee.
A person’s ability to obtain insurance under acceptable terms.
The limited period when coverage is available at favourable terms.
A review to confirm that policy proceeds would go to the intended person or structure.
A plain language summary that helps beneficiaries understand a policy.
The process of calculating the amount and type of coverage required.
Coverage designed to replace the economic support of the insured.
Cash available to settle estate costs, taxes and obligations.
The economic value of a person’s future income, skills and relationships.
A coordinated system of policies, ownership structures and review disciplines.
Policy benefits available during the insured’s lifetime.
Accessible policy cash value or loan capacity that does not require new bank approval.
The legal control of a policy and its rights.
A policy owned by a trust for estate or succession planning reasons.
Coverage that pays after the death of the second insured, often used for estate liquidity.
Planning for policy performance across multiple jurisdictions.
A structure’s ability to keep functioning as a family moves across jurisdictions.
The postponement of tax recognition until a later event or distribution.
The difference between borrowing cost and policy or investment return in financing structures.
The discipline of reviewing policies and structures regularly.
The termination of coverage because required premiums or values were not maintained.
Additional permanent insurance purchased by dividends or extra premiums.
The method selected for using policy dividends.
The internal charge for mortality risk in certain policy types.
A charge applied when a policy is cancelled or surrendered early.
A rider that may waive premiums if disability occurs.
The point when a policy reaches its contractual end or pays according to its terms.
Documents required by the insurer before benefits are paid.
The steps beneficiaries must take to receive policy proceeds.
The difference between what a family would need and what current coverage provides.
A base level of income supported by contractual sources rather than variable markets.