insurance contract

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Related to insurance contract: Life Insurance Contract
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the tendered group insurance contract serves to fulfill the task of the baygt to organize legal protection for its members.
regulators agree with prohibiting immediate gain recognition for all insurance contracts, regardless if the insurance contract is direct or assumed by the reporting entity and regardless if the risk is retained or ceded.
Typically, the employer must provide notice of the maximum face amount of the insurance before the insurance contract is issued.
This article explores the differences between the Estonian Law of Obligations Act (LOA), the Insurance Contract Law of the Republic of Latvia (ICL), the Civil Code and the Law on Insurance of the Republic of Lithuania (CC and IL) and the PEICL as regards the policyholder's insurance premium payment duty.
Gross says he sometimes recommends that clients who are in or approaching retirement exchange an investment-oriented variable insurance contract (such as variable universal life) for a guaranteed UL product that offers more certainty with regard to cash value accumulation, death benefit and premium.
As a result of their joint efforts so far, the FASB and the IASB have tentatively defined an insurance contract as a contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder).
A policy will be considered to meet the disclosure requirements if the issuer of the long-term care insurance policy discloses in the policy and in the required outline of coverage that the policy is intended to be a qualified long-term care insurance contract under IRC Section 7702B(b).
If the contract meets the life insurance contract definition, Sec.
Gains recognized by an original policyholder upon the surrender of a life insurance contract, and a portion of the gains recognized upon the sale of a life insurance contract, are ordinary income.
Under the proposed safe harbor, the IRS "would not challenge the qualification of a contract as a life insurance contract under Section 7702, or assert that a contract is a MEC under Section 7702A, provided the contract satisfies the requirements of those provisions using all of the Age 100 Testing Methodologies" described elsewhere in the safe harbor, according to the proposed text.
An employer-owned life insurance contract is one owned by a person engaged in a trade or business employing the insured person where the employer is the direct or indirect beneficiary of the contract.
For more than a decade, the International Accounting Standards Board (IASB) has been working to develop standards for the valuation of insurance contract obligations.

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