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Understanding Cash Value in International Tax Reporting and Financial Regulations

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What is Cash Value?

Cash value refers to the greater of two amounts related to an insurance contract:

• The amount a policyholder is entitled to receive upon surrender or termination of an insurance contract without reduction for any surrender charge or policy loan.
• The amount the policyholder can borrow under or with regard to the contract.

Key Features of Cash Value

• It represents the minimum value of an insurance contract that a policyholder can expect to receive upon surrender or termination.
• It takes into account any surrender charges or policy loans that may reduce the policy’s value.

Exclusions from Cash Value

Certain amounts are not included in the cash value calculation:

• Amounts payable solely by reason of death, personal injury, sickness benefit, or other benefits providing indemnification of economic loss incurred upon occurrence of an insured event.
• Refunds of previously paid premiums (less cost of insurance charges) for certain types of insurance contracts.
• Policyholder dividends (other than termination dividends) related to specific types of insurance contracts.
• Returns of advance premiums or premium deposits for annual-premium-pays insurance contracts with limited balances.

Note that these exclusions may vary depending on the specific type of insurance contract and the jurisdiction in which it is issued.