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Term life insurance:
Life insurance issued for a term of years, normally building up no cash value and expiring without value.  Typical term periods are 10, 15, 20, 25 and 30 years

Tertiary beneficiary:
A beneficiary designated as third in line to receive proceeds or benefits if the primary and secondary beneficiaries do not survive to receive them.

An arrangement in which property is held by a person or corporation (trustee) for the benefit of others (beneficiaries).  The grantor (person who transfers the property to the trustee) gives legal title to the trustee, subject to the terms set forth in a trust agreement.  Beneficiaries have equitable title to the trust property.

One who holds the legal title to the property for the benefit of another.  This may be either an individual or a company such as a bank or trust company.

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