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.

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

• In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary of the contract.

• Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder.

• A Reporting Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract or an Annuity Contract receiving a death benefit is not a Reportable Person and may treat such Financial Account as other than a Reportable Account unless the Reporting Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Reportable Person.

• A Reporting Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract or an Annuity Contract is a Reportable Person if the information collected by the Reporting Financial Institution and associated with the beneficiary contains indicia as described in paragraph B of Section III.

• The term “Specified Insurance Company” means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

• A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract is not required to be reviewed, identified or reported, provided the Reporting Financial Institution is effectively prevented by law from selling such Contract to residents of a Reportable Jurisdiction.

• 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 or other appropriate reporting period.

• The term “Specified Insurance Company” means any Entity that is an insurance company (or the holding company of an insurance company) which issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

• The period during which the entity has been in existence.The term “Investment Entity” does not include an entity that is an active non-?nancial entity as per codes 03, 04, 05 and 06 - refer point 2c.)• Speci?ed Insurance Company: Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

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 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 Con- tract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.

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