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 ?
Life insurance contracts historically have been used to fund incidental death benefits for 403(b) plans, and while the proposed regulations would not prohibit continuing this practice, they do bar life policies from being used as annuities for 403(b) purposes.
The balance at a parent level was computed by adding up the combined values of individual life insurance contracts and pension insurance contracts, according to their financial results for the April-September first half of fiscal 2000.
9) Life insurance contracts qualifying under the guideline premium test must also satisfy the cash value corridor test, which specifies a minimum ratio of death benefits to cash surrender value.
The defendants advertised on the Internet that this was a `risk free' way to earn 25 percent per year by providing funds to buy paid-up life insurance contracts from terminally ill patients with less than six months to live," Bishop stated.
The reform could have some positive effects in the longer term, as life insurance contracts would no longer be included in the taxable estate under France's wealth tax, which could make them more attractive to high-net-worth individuals.
Owners of participating life insurance contracts are entitled to dividends if the insurer has sufficient earned surplus.
A life insurance contract not classified as a modified endowment contract allows its owner to take distributions of the policy cash value with non-taxable premiums considered distributed first, followed by the taxable distribution of any gain within the contract, which is received as ordinary income by the owner.
While the suitability of a 1035 exchange will always be dictated by a client's needs, goals and circumstances, here are some scenarios in which trading in one annuity or life insurance contract for another may ultimately prove to be the best option:
Living proceeds received under life insurance contracts and endowment policies are taxed according to the same rules, whether they are single premium or periodic premium policies.
The PPA, then, allows clients to use money currently held in annuities or life insurance contracts for LTCI premiums, and on a tax-free basis.
4) A and B could purchase life insurance contracts on each other (as with cross purchase agreements).
In addition, all policyholders of contracts issues after August 17, 2006, must attach to their tax return Form 8925, Report of Employer-Owned Life Insurance Contracts.

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