incident of ownership

incident of ownership. (usu. pl.) Any right of control that may be exercised over a transferred life-insurance policy so that the policy’s proceeds will be included in a decedent’s gross estate for estate-tax purposes (because Douglas still retained the incidents of ownership after giving his life-insurance policy to his daughter, the policy proceeds were taxed against his estate). • The incidents of ownership include the rights to change the policy’s beneficiaries and to borrow against, assign, and cancel the policy. [Cases: Internal Revenue 4155. C.J.S. Internal Revenue § 510.]

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词条贡献者

法律翻译Gianluca，毕业于英国一流的高级翻译学院，专注翻译各类与环境、土地及资源有关的法律文件。