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

  • A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a Reportable Account 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.
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Cash Value Insurance Contract means a cash value insurance contract as defined in Section VIII(C)(7) of the CRS standard.
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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.
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Related to Cash Value Insurance Contract

  • Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.

  • variable insurance contract means a contract of life insurance under which the interest of the purchaser is valued for purposes of conversion or surrender by reference to the value of a proportionate interest in a specified portfolio of assets.

  • Insurance score means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of a consumer.

  • Insurance Cover means the aggregate of the maximum sums insured under the insurance taken out by the Contractor pursuant to Article 20, and includes all insurances required to be taken out by the Contractor under Clauses 20.1 and 20.9 but not actually taken, and when used in the context of any act or event, it shall mean the aggregate of the maximum sums insured and payable or deemed to be insured and payable in relation to such act or event;

  • Insurance carrier means every insurance carrier duly

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • Reinsurance Agreement means any agreement, contract, treaty, certificate or other arrangement whereby any Regulated Insurance Company agrees to transfer, cede or retrocede to another insurer or reinsurer all or part of the liability assumed or assets held by such Regulated Insurance Company under a policy or policies of insurance issued by such Regulated Insurance Company or under a reinsurance agreement assumed by such Regulated Insurance Company.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Insurance adjuster means a person who directs or conducts the investigation, negotiation, or settlement of a claim under an insurance policy other than life insurance or an annuity, on behalf of an insurer, policyholder, or a claimant under an insurance policy.

  • Insurance producer means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.

  • Retail value of a prize means: