Cash Value Insurance Contract definition

Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.

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Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value.

Cash Value Insurance Contract and “Annuity Contract” have the meanings set forth in relevant U.S. Treasury Regulations.

Examples of Cash Value Insurance Contract in a sentence

• A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of San Marino or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of San Marino requires reporting or withholding with respect to insurance products held by residents of San Marino).

• Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014.

• A Cash Value Insurance Contract unless the cash value exceeds $50,000 at the end of any calendar year.

• Except as otherwise provided herein, the balance or value of an account shall be determined as of the last day of the calendar year, or in the case of a Cash Value Insurance Contract or an Annuity Contract, as of the last day of the calendar year or the most recent contract anniversary date.

• A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.

More Definitions of Cash Value Insurance Contract

Cash Value Insurance Contract means an insurance contract (other than an indemnity reinsurance contract between two insurance companies) that has a cash value and in case of a U.S. reportable account such value is greater than an amount equivalent to fifty thousand U.S. dollars.

Cash Value Insurance Contract means a cash value insurance contract as defined in Section VIII(C)(7) of the CRS standard.

Cash Value Insurance Contract means an Insurance Contract where the cash surrender or termination value (determined without reduction for any surrender charge or policy loan) or the amount the policyholder can borrow under (or with regard to) the contract is, greater than $50,000. This definition excludes indemnity reinsurance contracts between two insurance companies. The term “Cash Value” does not include an amount payable under an insurance contract in the following situations: • a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against; • a refund to the policyholder of a previously paid premium under an Insurance Contract (other than under a life insurance contract) due to policy cancellation or termination, decrease in risk exposure during the effective period of the Insurance Contract, or arising from a redetermination of the premium due to correction of posting or other similar error; or • a policyholder dividend based upon the underwriting experience of the contract or group involved. When a policy becomes subject to a claim and an amount is payable this does not create a new account, it is still the same policy, if the policy has not altogether terminated.

Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value and is issued and managed by a Financial Institution, for example, saving insurance. A contract (other than an Annuity Contract) under which the Financial Institution agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk, such as insurance contract that is solely consumable and without cash value, is not a Cash Value Insurance Contract.