Minimum Deposit Whole Life Insurance
Ordinary life insurance that generates a first year cash value from the payment of the first year premium. Using this cash value, loans could be made to finance premiums due in the future, with the interest deductible for tax purposes under specified IRS rules. However, the 1986 Tax Code revision appears to have canceled this arrangement.
Popular Insurance Terms
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional ...
Statistical projection of future illness, sickness, and disease. ...
Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as ...
Part of an ocean marine policy that provides coverage of goods through all of the stages of a journey. Coverage begins when goods leave the warehouse of a shipper, and continues until they ...
Principle that no liability exposure can result from the performance of proprietary functions. ...
Agreement establishing a trust for the named beneficiary under a life insurance policy. Upon the death of the insured, the trust has the legal obligation to pay the policy proceeds in the ...
Coverage for property damage or destruction of an insured's property and liability exposure of an insured for damage or destruction of someone else's property under his or her care, ...
Comments for Minimum Deposit Whole Life Insurance
policy cancel in 2017 after having it 36years .now being hit with 95,000of ordinary income yet never got a daime in cash out .are there any option on how it will be taxed
Aug 10, 2018 15:01:47Hey Darnell,
Aug 13, 2018 15:11:15First of all, we're sorry to hear.
Probably. But because of the sensitive matter, we highly recommend you contact an accountant or a real estate lawyer to help you understand all your options. Good luck!
Have a question or comment?
We're here to help.