Section 7702

Internal revenue code section 7702 life insurance.

Section 7702. Section 7702 life insurance contract defined also 7702a rev. Tax code defining a kind of life insurance contract. The number refers to the 7702 section of the u s.

By applying the rules of section 7702 b 2 and of section 7702 e other than paragraph 2 c thereof except that the death benefit provided for the 1st contract year shall be deemed to be provided until the maturity date without regard to any scheduled reduction after the 1st 7 contract years. Section 7702 was created to differentiate between genuine life insurance policies and investment vehicles masquerading as them and to make sure that only the genuine policies received advantageous. 2005 6 issue for purposes of determining whether a contract qualifies as a life insurance contract under 7702 of the internal revenue code and as a modified endowment contract under 7702a should charges for qualified additional benefits qabs be.