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References in periodicals archive ?
In certain cases, the life insurance company issues a Section 7702(g) policy, which freezes the net cash surrender value available to the policyowner to the lesser of premiums paid or the net cash surrender value.
Alternatively, policyowners may terminate or surrender their policies and receive the net cash surrender value shown in the policy as of the date of surrender.
Treskovich, MBA, CMA, CLU, ChFC, FLMI Calculating the Taxable Gain on Surrender Net Cash Surrender Value $500,000 Outstanding Policy Loan +$3,500,000 Basis in the Contract -$2,000,000 Taxable Gain (Loss) $2,000,000
The bill also requires that insurers must provide a notice that premium is due not more than 30 days from the date the insurer determines that the net cash surrender value under the policy is insufficient to pay the total charges that are necessary to keep the policy in force.
The high interest and administrative fees generated from the COLI program outweighed the policies' net cash surrender value and benefits.
extended term option: A nonforfeiture option that provides that the net cash surrender value of a policy may be used as a net single premium at the attained age of the insured to purchase term insurance at the face amount of the original policy for as long a period as possible.
Usually there is no intention of repaying the policy loan within the current year, in which case the loan should be reflected on the balance sheet as a deduction from the cash surrender value (i.e., net cash surrender values should be shown).