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 ?
The new law refers to a "reportable policy sale," which means the acquisition of an interest in a life --insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in the life insurance contract. This would include acquisition of an interest in a partnership, trust, or other entity that holds an interest in the life insurance contract.
There are four parties to the life insurance contract:
A variable annuity or variable life insurance contract may assist its owner with the process of selecting the ordering of retirement income distributions that are non-taxable, partially taxable or fully taxable.
They apply to amounts received under an annuity, endowment, or life insurance contract that is not received as an annuity.
A Section 1035 exchange entails the direct assignment of one annuity or life insurance contract for another, without the contract-holder handling funds in the middle.
If a policy does not meet the IRC Section 7702(a) definition of a life insurance contract, the income on the contract for the year is considered a nonperiodic distribution and is subject to certain reporting and withholding requirements.
"Although you can ' 1035' life insurance proceeds into an annuity [with an LTCI rider], you can't swim upstream and '1035' an annuity into a life insurance contract," Burkle said.
2009-14 (IRB 2009-21, May 26, 2009 answers this question: What are B's tax consequences upon receiving death benefits or sales proceeds regarding a term life insurance contract that B purchased for profit in three situations described below.
You may be able to obtain a life insurance contract with a guarantee that no reviews will take place in the term of the policy.
The investment account would be wrapped with a non-commissionable, institutionally priced, private placement life insurance contract. This contract, if properly drafted, would provide asset protection as well as indemnification from any income tax on the growth, cash distributions or the ultimate passing of the asset to the next generation.
Life insurance contract portfolio was EUR1,321m at the end of June 2005, as compared to EUR1,232m on 1 January 2005.
An alternate limit in IRS Revenue Ruling 74-307 permits life insurance to the extent that less than half of the contributions are paid into the plan for a life insurance contract. Whole life insurance does not need to be part of a 412(i) plan (it may be funded entirely with an annuity), although life insurance can provide significant additional benefits.

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