Incidents of ownership

{
  "id": "MLC-T-LAW-002564",
  "term": "Incidents of ownership",
  "field": "Law",
  "definition": "The legal rights and powers held by an individual over an insurance policy, which determine whether the policy's proceeds are included in their taxable estate upon death. These rights include the power to change beneficiaries, surrender or cancel the policy, assign the policy, or borrow against its cash value. The Internal Revenue Service uses these criteria to assess estate tax liability.",
  "url": "https://mlchart.com/terminology/law/incidents-of-ownership/"
}