Who are individuals or entities appointed to manage, control, or dispose of the property of others?

The correct answer is that individuals or entities appointed to manage, control, or dispose of the property of others are referred to as fiduciaries. A fiduciary holds a legal or ethical relationship of trust with another party, typically involving the management of assets or rights on behalf of that party. In the context of insurance and property management, fiduciaries are individuals or entities that have the duty to act in the best interest of the person they are representing.

Fiduciary responsibilities require the fiduciary to act with a high level of care and loyalty, ensuring that the interests of the party to whom they owe duty are prioritized. This role can encompass a range of activities, such as managing investments, overseeing property, or administering estates in a manner that adheres to legal and ethical standards.

While trustees and executors are also roles that involve similar responsibilities, they operate within specific contexts. Trustees manage a trust’s assets for the benefit of the beneficiaries, while executors handle the estate of a deceased individual according to the terms of a will. Each of these roles can be seen as forms of fiduciaries, but the broader term 'fiduciary' encapsulates any party that manages or oversees the property of another under a trust-based relationship. Thus, the distinction