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Incident Of Ownership
incident of ownership
:any of several rights (as the right to change beneficiaries) that may be exercised over a life insurance policy which are used as criteria for the inclusion of the value of a policy in a decedent's gross estate for purposes of estate tax
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.