qualified 20-pay contract
Defined in 1 place of the United States Code.
For purposes of paragraph (1), the term “qualified 20-pay contract” means any contract which—
(A) requires at least 20 nondecreasing annual premium payments, and
(B) is issued pursuant to an existing plan of insurance.
Source
- 1994–present26 U.S.C. § 7702Internal Revenue Code · Life insurance contract defined · for purposes of this section