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Glossary

The vocabulary of substantial wealth: 11 terms, each with its own page: what it means, why it matters, and where it bites.

All Banking & Insurance Family & Governance Philanthropy Private Markets Public Markets Tax Trusts & Estate

CEF CEF Closed-End Fund

A closed-end fund (CEF) is a pooled investment vehicle that raises a fixed amount…

PRI PRI Program-Related Investment

A program-related investment is a foundation's concessionary loan, equity stake, or…

YTM YTM Yield to Maturity

Yield to maturity (YTM) is the total annualized return a bond investor would earn…

IG IG Investment Grade

Investment grade (IG) describes bonds rated by recognized credit-rating agencies…

TIPS TIPS Treasury Inflation-Protected Securities

Treasury Inflation-Protected Securities are U.S. government bonds whose principal…

PME PME Public Market Equivalent

A method of benchmarking a private fund's performance by replicating its cash flows…

A1

Agreed Value Coverage A property insurance arrangement in which the insurer and policyholder agree on an asset's value upfront, eliminating any depreciation dispute at the… Banking & Insurance

C1

Captive Insurer A captive insurer is a licensed insurance company created and owned by a business or family primarily to insure the risks of its owner, rather than… Banking & Insurance

D1

Directors & Officers Insurance D&O Insurance that covers the personal financial liability of individuals serving on a corporate or nonprofit board for decisions made in their official… Banking & Insurance

E1

Excess Liability Insurance that provides additional coverage limits directly above a specific underlying policy, without necessarily broadening the categories of risk… Banking & Insurance

I1

Investor Control Doctrine A tax doctrine holding that if a life insurance policyholder exercises sufficient direct control over the specific assets inside the policy's… Banking & Insurance

K1

Know Your Customer KYC A legally required process by which banks and financial institutions verify a customer's identity, source of wealth, and risk profile before and… Banking & Insurance

P2

Private Bank A financial institution or dedicated division of a larger bank that provides integrated banking, lending, investment, and advisory services… Banking & Insurance Private Placement Life Insurance PPLI Private Placement Life Insurance (PPLI) is a variable life insurance contract issued in a private, non-registered offering that allows the… Banking & Insurance

S2

Scheduled Valuables A policy endorsement or separate policy that lists specific high-value items, art, jewelry, watches, wine, collectibles, individually, each with its… Banking & Insurance Self-Insurance Self-insurance is the deliberate decision to retain a financial risk internally, absorbing potential losses from one's own resources, rather than… Banking & Insurance

U1

Umbrella Liability Policy A personal liability insurance policy that pays claims exceeding the limits of underlying home, auto, or other primary policies, up to a much higher… Banking & Insurance