Charitable Gift Life Insurance
Life insurance policy given by a donor to a charity; donor only relinquishes the cash value and the cost of the premiums previously paid. The receiving charity's future value of the life insurance policy is the death benefit. Since the charity is the owner of the policy, it can:
- borrow against the cash value;
- surrender the policy for its then cash value;
- utilize its conversion privileges..
Popular Insurance Terms
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
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Legislation that makes insurance fraud a federal crime. This act is part of the Omnibus Crime Bill. Under the act, it is a federal crime to embezzle or misappropriate funds, money, or ...
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