Cash received from a surrendered whole-life insurance policy is not exempt from a debtor's bankruptcy estate, the 5th Circuit has ruled in applying Texas law. The debtor surrendered a whole-life insurance policy with a gross cash surrender value of $95,000 that named his wife as the beneficiary. He received a check for the final cash value of $27,000 but did not cash it. He and his wife then filed for bankruptcy and sought to exempt the check from their estate pursuant to Texas law.
DEBTOR/CREDITOR INSURANCE: The trial court erred by granting a writ of execution against the cash value of a debtors whole-life insurance policies in contravention of R.C. 3911.10: although the insured had paid the premiums on his life-insurance policies in fraud of his creditors, the insurance policies had not matured, and there were no proceeds to garnish. Under R.C. 3911.10, life-insurance proceeds are exempt from creditors claims except for the amount of any premiums the insured paid in fraud of his creditors. A whole-life insurance policy does not have any proceeds until the policy matures, which occurs when an insured dies or voluntarily accepts the cash surrender value of the policy. See Deal v. Menke (C.P.1939), 14 O.O. 414; see also, Doethlaff v. Penn Mut. Life Ins. Co...
... the plan, part of which was used to purchase life insurance coverage for P and K's other employees, ..., further, P must include in gross income the cash value of the life insurance policy on P's life. Th..., P may not reduce the PERC value by the surrender charge under that provision. Held, further, P must...
In selling life insurance, some degree of negotiation of commission between sales person and consumer takes place in the form mixing permanent with term insurance in one policy, the term coverage carrying no commission to the agent, allowing the agent to trade off compensation in favor of enhanced cash value performance. Looking only at cash-on-cash return-premium contributions versus cash surrender value-this article finds that this form of commission negotiation does enhance client value in life insurance to varying degrees, but not in a predictable, consistent or statistically significant fashion.
In just over five years, the life settlement marketplace has grown from an out-of-the-mainstream cottage industry into its own industry. A life settlement is the sale of a life insurance policy by a senior for an amount greater than the cash surrender value. The proceeds are often used to purchase other financial products.
...1503(a)(1)). (b) Maintenance. The value of maintenance furnished by a relative, friend, or...105, Pub. L. 100-383; 102 Stat. 905). (q) Cash surrender value of life insurance. That portion of... the cash surrender of a life insurance policy which represents a return of insurance premiums. (...
...bankruptcy proceeding can exempt the cash value of a life insurance policy from. the bankrup...bankruptcy estates the cash surrender value of certain life insurance policies. owned by...
... the Wornicks' claim of exemption for the cash surrender value of certain life insurance polic... holds in a reciprocal life insurance policy does not constitute an asset of the beneficiar...
... Authorizations and Statements of Licensing Policy. 500.526 - Transactions involving blocked life in... practice of the insurer, of the dividends, cash surrender value, or loan value, of any blocked lif...
... of creditors, who converted the assets into cash. The IRS then filed a notice of tax lien respectin... an order directing the assignee to "surrender and turn over to" petitioner "all sums in his poss... that a tax lien effected during an insured's life against the cash surrender value of a life insurannce policy attached after his death to insurance proceeds in ...
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