life insurance

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life insurance:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
If a contract does not meet the life insurance contract definition, in general the income on the contract for any tax year of the policyholder shall be treated as ordinary income received or accrued by the policyholder during that year (Sec.
Absent any insurability risk, it would therefore appear to be optimal to purchase life insurance contracts later in life, when bequest needs are better known.
Therefore, for purposes of tracking the basis of a life insurance contract, the premiums must be allocated between the additional investment in the contract and a (nonde-ductible) insurance expense.
2008, B purchased from A for $20,000 a life insurance contract on A's life, issued by a domestic corporation, IC.
The final regulations provide that the information be reported by attaching Form 8925, Report of Employer-Owned Life Insurance Contracts, to the policyholder's income tax return by the due date of the return.
By using the guarantees provided in the annuity and life insurance contracts, the amount required to fund the defined benefit at retirement and the annual contributions is larger than if the usual actual assumption appreciate to defined benefit plans are used.
The amount must be received under a life insurance contract.
The term life insurance contract is financed through constant annual premiums [p.
But insurance carriers are resistant to inform policy owners about their legal rights of ownership, and a majority of these uniformed seniors allow their policies to lapse or surrender without ever knowing about how that life insurance contract can pay for long-term care services.
For transfers before the effective date of these regulations, the regulations stated that in the case of a transfer of a life insurance contract to a plan participant before the effective date, the excess FMV of the contract over the consideration received by the plan is includible in the income of the participant receiving the contract.

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