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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Cost Basis |
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In life insurance, it is the total premiums paid on a policy since its inception. It is used to determine the amount of gain or loss in a policy at the time a permanent life insurance policy is partially or fully surrendered or processed as a Section 1035(a) Exchange. The gain, which is taxable on a full or partial surrender is the benefits received including prior loans and partial surrenders less the premiums paid. On a Section 1035(a) Exchange any gain is transferred to the new or replacement policy and remains tax deferred. |
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Learn More about Life Insurance
Start a Life Insurance Quote
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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