insurance contract

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Related to insurance contract: Life Insurance Contract
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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.
The accounting model currently contemplated by the Boards regards an insurance contract as creating a bundle of rights and obligations that work together to generate a "package" of cash inflows and outflows.
In an August 19 comment letter to IASB Chairman Sir David Tweedie, the Group of North American Insurance Enterprises (GNAIE)(1), said that the proposed Exposure Draft failed in its original intent of advocating a simplified Alternative Measurement Paradigm for certain short-term insurance contracts whose underlying attributes are best accounted for using a short-term revenue and expense model similar to that currently in use around the world.
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.
Gains recognized by an original policyholder upon the sale of a life insurance contract are capital gains to the extent the sale price exceeds the cash surrender value of the contract.
Under IRC [section] 60391, every policyholder owning one or more employer-owned life insurance contracts issued after Aug.
The first building block will be an estimate of the future cash flows for all insurance contract obligations, including expected future losses, loss adjustment expenses, premiums and policy maintenance costs.
We will refer to this result as the standard insurance contract.
If you are an adult in Canada and own property of any value (such as a car or a house) or are involved in activities that pose risk to others (like driving a car), it is likely that you have entered into at least one insurance contract.
Goodson filed suit based on several claims, but the trial court submitted the case to the jury based solely on a claim of bad-faith breach of insurance contract.
A potential conflict with Statement 133 arises because for some insurance contracts with embedded derivatives, Statement 133 requires that the insurance contract be bifurcated and the embedded derivative be accounted for separately (i.
Nicaragua is seeking US$5 million from the World Bank to support (a) the Government's purchase of an insurance contract with a payment schedule linked to a rainfall index; (b) the establishment of high-quality precipitation measuring and reporting systems; (c) the further development of effective and transparent disaster relief and reconstruction delivery mechanisms; (d) the extension of index-based insurance contracts to cover other natural disasters.

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