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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.
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

Gain

The amount of permanent life insurance policy cash value in excess of the premiums paid throughout the life of the policy is the gain for income tax purposes. The gain or loss for income tax purposes is determined when the policy lapses or at the time of full or partial surrender of the policy. It may be determined by subtracting all the premiums paid from all disbursements made while the policy was in force, including all policy loans (including premium loans), partial surrenders, and the cash surrender value paid at the time of partial or full surrender. See also Whole Life, Interest-Sensitive Whole Life and Universal Life.

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