Sentences with phrase «components of the life insurance contract»
It is important to understand the basic components of a life insurance contract.
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The three most important components of the life insurance contract are a death benefit, a premium payment and, in the case of permanent life insurance, a cash value account.
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The universal portion means that premiums are flexible and the components of the life insurance policy (death benefit, savings element and premium) can be altered throughout the contract.
Section 7702 refers to a section in the Internal Revenue Code, or the tax code of the United States, that details what constitutes a life insurance contract, explains how a life insurance contract is taxed, especially if the contract has cash value component, and sets certain limitations on premiums and death benefits.