Noncancellable Life, Health, or Accident Insurance Policy [Internal Revenue] Law and Legal Definition
Pursuant to 26 CFR 1.801-3 (c) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter A Income Tax; Part 1 Income Taxes; Normal Taxes and Surtaxes; Insurance Companies; Life Insurance Companies; Definition; Tax Imposed], the term Noncancellable Life, Health, or Accident Insurance Policy means “a health and accident contract, or a health and accident contract combined with a life insurance or annuity contract, which the insurance company is under an obligation to renew or continue at a specified premium and with respect to which a reserve in addition to the unearned premiums (as defined in paragraph (e) of this section) must be carried to cover that obligation. Such a health and accident contract shall be considered noncancellable even though it states a termination date at a stipulated age, if, with respect to the health and accident contract, such age termination date is 60 or over. Such a contract, however, shall not be considered to be noncancellable after the age termination date stipulated in the contract has passed. However, if the age termination date stipulated in the contract occurs during the period covered by a premium received by the life insurance company prior to such date, and the company cannot cancel or modify the contract during such period, the age termination date shall be deemed to occur at the expiration of the period for which the premium has been received.”
Legal Definition list
- Noncancelable Policy
- Noncancelability Clause
- Nonboiler
- Nonbank Bank
- Nonassessable Stock
- Noncancellable Life, Health, or Accident Insurance Policy [Internal Revenue]
- Noncash Item
- Nonclinical Laboratory Study
- Noncombatant Service
- Noncommercial Aviation [Internal Revenue]
- Noncommercial Education Broadcasting Entities
