Life Insurance Company Law and Legal Definition
According to 26 USCS § 816 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter L. Insurance Companies; Part I. Life Insurance Companies; Subpart E. Definitions and Special Rules], life insurance company means “an insurance company which is engaged in the business of issuing life insurance and annuity contracts (either separately or combined with accident and health insurance), or noncancellable contracts of health and accident insurance, if--
(1) its life insurance reserves, plus
(2) unearned premiums, and unpaid losses (whether or not ascertained), on noncancellable life, accident, or health policies not included in life insurance reserves,
comprise more than 50 percent of its total reserves.
Legal Definition list
Related Legal Terms
- Abuse in Later Life Program [Department of Justice]
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accompanying Relative [Immigration]
- Accompanying Spouse and Dependents
- Accompanying the Armed Forces outside the United States
- Accompanying the Federal Government Outside the United States
- Accompanying Visa
