Talk:AIF – attorney in fact

An AIF, who may be either a natural person or a "corporate person", is granted power of attorney to do certain specific things on behalf of a beneficiary.

In the context of the unincorporated reciprocal inter-insurance exchange [URIE], such as United Services Automobile Association [USAA], the AIF is a stakeholder/trustee who takes custody of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims. When all the claims are paid, the AIF then returns the leftover funds to the subscribers.