Incidence of ownership

Term · Insurance and risk management · MLC-T-INS-001782

The set of rights or powers an individual holds over a life insurance policy, which can include the ability to change the beneficiary, surrender or cancel the policy, assign the policy, or borrow against its cash value. An insured person possessing any of these rights at the time of death will have the policy's proceeds included in their gross estate for tax purposes. To avoid this, policy ownership is often transferred to another person or an irrevocable life insurance trust more than three years before the insured's death.

Table 1. Record
Identifier	MLC-T-INS-001782
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-001782",
  "term": "Incidence of ownership",
  "field": "Insurance and risk management",
  "definition": "The set of rights or powers an individual holds over a life insurance policy, which can include the ability to change the beneficiary, surrender or cancel the policy, assign the policy, or borrow against its cash value. An insured person possessing any of these rights at the time of death will have the policy's proceeds included in their gross estate for tax purposes. To avoid this, policy ownership is often transferred to another person or an irrevocable life insurance trust more than three years before the insured's death.",
  "url": "https://mlchart.com/terminology/insurance/incidence-of-ownership/"
}

Record 1,697 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.