This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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1) under common law, liability imposed upon a party who stands in a special relationship of trust with another party for a breach of that trust; 2) under the Employee retirement Income Security Act of 1974 (ERISA), liability imposed upon any person who exercises any discretionary authority or control with respect to the management or administration of an employee benefit plan or its assets.

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