Exam term
Seven-pay test
A statutory test that a life insurance contract fails if cumulative premiums paid in the first seven years exceed what a seven-year paid-up policy would require, creating MEC status.
Lessons that use this term
- Tax treatment of life insurance and annuities, including modified endowment contracts California
- Tax treatment of life insurance premiums, proceeds, and MECs Florida
- Traditional whole life products New York
- Tax treatment of life insurance premiums, proceeds, and MECs New York
- Tax treatment of life insurance premiums, proceeds, and MECs Texas