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Our Glossary of life insurance terms
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Misc
Incidents of Ownership
In life insurance, the right to exercise any of the
privileges of policy ownership, including the right to change
beneficiaries, withdraw cash values, take policy loans, make assignment,
etc.)
Incidents of ownership can be major estate planning factors for policy
owners who wish to transfer policy ownership from themselves to another
person or a trust, thereby removing the policies from their estates. If
any incidents of ownership remain with the original owner, policy
proceeds may be included in the person's estate at death.
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