NAIC model law · NAIC model laws
Guidelines on Gifts of Life Insurance to Charitable Institutions
Edition and licensing notes
Publisher. National Association of Insurance Commissioners (NAIC)
Status. NAIC model, © NAIC. Brief quotations under fair use; not the enacted law of any state until adopted.
What this document is
Guidelines on Gifts of Life Insurance to Charitable Institutions is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- Guidelines on Gifts of Life Insurance to Charitable Institutions, answer to "What is meant by a gift of life insurance?"
“A. As a general principle, the gift of a life insurance policy to any recipient, whether such recipient is a charity or other third party, involves the same considerations and characteristics as a gift of any other property owned by the donor. Once the transaction is made, the ownership of the...”
- Guidelines on Gifts of Life Insurance to Charitable Institutions, answer to "How is a gift of life insurance to a charity accomplished?"
“A. A gift of life insurance to a charity is generally accomplished in one of two ways, although there are varying alternatives within these two categories. The gift may be either of an existing policy, in the form of an irrevocable assignment to the charity, or it may be the purchase of a new...”
- Guidelines on Gifts of Life Insurance to Charitable Institutions, answer to "How is the insurable interest requirement met in the context of gifts of life insurance to charitable institutions?"
“Other state statutes simply authorize charities to own or purchase life insurance on an insured who consents to the ownership or purchase of the insurance. The primary protection against abuse in the charitable ownership of life insurance is the requirement that the insured consent to the...”
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