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

译者Mathew，国际知名法学院国际仲裁与争端解决专业，擅长翻译各种与美国国内仲裁相关的法律文件。