Sentences with phrase «of life insurance contract under»

If any contract which is a life insurance contract under the applicable law does not meet the definition of life insurance contract under subsection (a), the excess of the amount paid by the reason of the death of the insured over the net surrender value of the contract shall be deemed to be paid under a life insurance contract for purposes of section 101 and subtitle B.

Not exact matches

Generally, amounts you receive under a life insurance contract paid by reason of the death of the insured are not included in your gross income; such proceeds are received tax - free.

Under the economic benefit regime, the owner of the life insurance contract is treated as transferring economic benefits to the non-owner.

Upon receipt of the statement required under subsection (a)(2) or upon notice of a transfer of a life insurance contract to a foreign person, each issuer of a life insurance contract shall make a return (at such time and in such manner as the Secretary shall prescribe) setting forth --

Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported; any interest you receive is taxable and you should report it just like any other interest received.

This term also refers to the settlement of a life insurance policy under the contract's annuity options.

Under both ERISA and IRS Codes, there are only two types of investments excluded: Life Insurance Contracts and Collectibles such as works of art, rugs, jewelry etc..

A feature that may be offered under an annuity contract in which the insurance company promises an individual may withdraw a specified amount from an account, even if the account balance is reduced to zero: (1) for the life of the individual, or the joint lives of two individuals (e.g., the individual and spouse); or (2) for a specified period of time.

22 The right under sections 1 and 3 to equal treatment with respect to services and to contract on equal terms, without discrimination because of age, sex, marital status, family status or disability, is not infringed where a contract of automobile, life, accident or sickness or disability insurance or a contract of group insurance between an insurer and an association or person other than an employer, or a life annuity, differentiates or makes a distinction, exclusion or preference on reasonable and bona fide grounds because of age, sex, marital status, family status or disability.

This term also refers to the settlement of a life insurance policy under the contract's annuity options.

However, in comparison with Permanent Life Insurance rates, the premiums under Renewable Term Insurance contracts, especially in early years of coverage, are relatively low.

1Access to your money — This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.

In accordance with the prime feature of this Life Insurance plan which is loyalty to the consumer, ROP Term Insurance will provide that you receive all your investment back, not a portion of it, like under Permanent Life Insurance contracts with the cash value feature.

When it comes to premium payments, there is another convenient option sometimes offered under Variable Life contracts - a policy with a fixed premium, which justifies the feature of flexibility attributed to Variable Life Insurance.

Separate Accounts (also known as sub-accounts) are various investment funds (e.g. stocks, bonds, equity funds, money market funds and bond funds) within a company's portfolio you can make use of under Variable Life Insurance and Variable Universal life Insurance contraLife Insurance and Variable Universal life Insurance contralife Insurance contracts.

Variable Universal Life Insurance - A combination of the features of variable life insurance and universal life insurance under the same contrLife Insurance - A combination of the features of variable life insurance and universal life insurance under the same Insurance - A combination of the features of variable life insurance and universal life insurance under the same contrlife insurance and universal life insurance under the same insurance and universal life insurance under the same contrlife insurance under the same insurance under the same contract.

-- The term «reportable death benefits» means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.».

Under the terms of a life insurance contract, the insurance company promises to pay a certain sum to someone (a beneficiary) when you die, in exchange for your premium payments.

«Life and disability insurance analyst» means a person who, for a fee or compensation of any kind, paid by or derived from any person or source other than an insurer, advises, purports to advise, or offers to advise any person insured under, named as beneficiary of, or having any interest in, a life or disability insurance contract, in any manner concerning that contract or his or her rights in respect therLife and disability insurance analyst» means a person who, for a fee or compensation of any kind, paid by or derived from any person or source other than an insurer, advises, purports to advise, or offers to advise any person insured under, named as beneficiary of, or having any interest in, a life or disability insurance contract, in any manner concerning that contract or his or her rights in respect therlife or disability insurance contract, in any manner concerning that contract or his or her rights in respect thereto.

This is covered under IRC Section 101 (j)(1) which states that death benefits from employer - owned life insurance contracts shall be taxable, in excess of premiums paid, unless the employer - owned life insurance contract meets one of the exceptions provided under IRC 101 (j)(2).

1Access to your money - This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.

Individuals who are insured under a life insurance policy, a pension or other annuity product that carries a death benefit enter into a contract with a life insurance carrier at the time of application.

The tax free benefits are applicable for any form of life insurance made under worker's compensation insurance contracts, employer's group plans, endowment contracts, or accident and health insurance contracts.

Under Section 7702, life insurance contracts had to pass one of two tests: the cash value accumulation test (CVAT) or the guideline premium and corridor test (GPT).

Employees covered under a union contract, provided the group term life insurance benefits were the subject of good faith bargaining

Under IRC Section 101 (a), «gross income does not include amounts received under a life insurance contract, if such amounts are paid by reason of the death of the insured.&rUnder IRC Section 101 (a), «gross income does not include amounts received under a life insurance contract, if such amounts are paid by reason of the death of the insured.&runder a life insurance contract, if such amounts are paid by reason of the death of the insured.»

As long as the policy is not a Modified Endowment Contract (MEC), or subject to a «force - out» for overfunding under IRC Section 7702B — which can be confirmed with the insurance company — withdrawals from a universal life policy are treated as a basis - first return of principal and are not taxable (until all basis has been recovered).

Notably, when it comes to life insurance, the cost basis — or investment in the contract under the rules of IRC Section 72 (e)(6)-- is equal to the total premiums paid for the policy, reduced by any prior principal distributions (which could include prior withdrawals, or the previous receive of non-taxable dividends from a participating life insurance policy).

Any of the information received under above clauses to IDBI Federal Life Insurance for processing, stored or processed under lawful contract or otherwise:

(a) General rule For purposes of this title, the term «life insurance contract» means any contract which is a life insurance contract under the applicable law, but only if such contract --

For example, life insurance is a contract between the Insurance Company and the policyholder in which the Life Insurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under the pollife insurance is a contract between the Insurance Company and the policyholder in which the Life Insurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under thinsurance is a contract between the Insurance Company and the policyholder in which the Life Insurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under thInsurance Company and the policyholder in which the Life Insurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under the polLife Insurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under thInsurance Company agrees to pay a certain amount of money if the policyholder fulfils all his obligations under the policy.

Group life insurance provides coverage for a number of people under a single master contract or master policy.

Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person the benefits are not taxable income and do not have to be reported.

1 Assumes the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A.

For purposes of this section, the following amounts shall be treated as an amount paid by reason of the death of an insured: (A) Any amount received under a life insurance contract on the life of an insured who is a terminally ill individual.

A Term plan with Return of Premium is a contract between the applicant and the Life Insurance Company, under which the applicant agrees to pay a certain amount of money (Premium) per year for a fixed period in order to receive a guaranteed amount of money (Sum assured) in the event of his death during the policy term, payable to his nominee (any family member).

Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person, the benefits are not included in gross income and do not have to be reported:.

Insurance contracts that do not come under the ambit of life insurance are called general iInsurance contracts that do not come under the ambit of life insurance are called general iinsurance are called general insuranceinsurance.

Life or health insurance coverage usually provided by employers for a group of people under a «master contract» for all.

The Chasm Group, LLC and Chasm Institute, LLC (San Bruno, CA) 1997 — 2008 Business Operations Manager • Managed all daily operational tasks for leading multi-million dollar high - tech market strategy consultancy, while providing executive administration to C - level executives and venture capital partners • Developed and managed the firm's annual budget, proposing and implementing expense cuts, producing monthly reports and financial statements, and coordinating with CPA firm for accurate and timely filings • Oversaw all client relationship management efforts while cultivating new business efforts from concept to implementation, providing high - quality service in sales efforts while utilizing new lead tracking system • Negotiated and managed all contracts, stock grants, and financing arrangements, working closely with outside counsel to draft legal documents and resolve LLC - and proprietary - related issues • Led three office space build - outs and two office relocations, managing all aspects of each process under aggressive timeline and budget expectations • Reduced firm telecom expenses by 22 % by streamlining IT objectives, including migration to VOIP phone system, software / hardware purchases, domain renewals, and outsourced technical support • Directed all phases of staff recruitment while creating and implementing all HR policies and programs, including comprehensive employee benefits plans • Supervised multiple administrative staff members, conducted performance appraisals and wage / salary surveys in comparison to incentive program guidelines, and maintained HR files in accordance with legal mandates • Produced all out - going client invoices in an accurate and timely fashion to increase, cash flow and reduce aging receivables, providing consistent attention to overhead costs and vendor arrangements • Administered all company insurance policies, including E&O, general liability, bonds, partner life and disability, conducting annual benefits reviews and employee / company insurance audits • Obtained necessary certificates for consulting contracts while processing federal, state, and local business reporting requirements to maintain licenses and incorporation status • Directed all marketing efforts and oversaw logistical aspects of national educational workshop series, utilizing sponsorship arrangements to offset production costs • Transformed «brochure» website into a dynamic tool to better illustrate company opportunities through relevant case studies, as well as maintaining all other promotional media, including press kits and video Association of California School Administrators (Burlingame, CA) 1993 — 1997 Issues and Planning Committee Coordinator • Executed all phases of event planning and implementation for a membership - driven organization including 23 state committees, 5 task forces, 6 strategic planning conferences, and a conference of 1,500 attendees • Focused on facility evaluations, bid requests, site visits, contract negotiations, and all pre - and post-conference planning processes • Produced statistical and financial reports, including budget projections and cost monitoring for developmental training efforts • Oversaw all participant - level responsibilities, including inquiries, eligibility, registration, correspondence, and billing statements • Managed all legal professional standards calls for Northern California regions, including the processing of attorney authorizations, the preparation of legal assistance letters, and liens on cause of action • Served as second point of contact for computer inquiries and troubleshooting efforts as well as provided back - up executive administrative support for Executive Director, Committee Chairs, and the State Superintendent of Public Instruction • Held responsibility for software installation and hardware configuration while performing weekly AS / 400 backup and report generation