| Indicates this contract is an Inherited/Stretch/ Beneficiary contract where an individual or entity opens a new contract with death benefit proceeds from a policy from which they were named beneficiary (set up in the deceased's name "for the benefit of" the beneficiary). This type of contract does not have a separate and distinct section of the IRS code (i.e. it does not have its own Qualified Plan Type), but it does have separate administrative and reporting requirements (reference the carrier's process, and Publication 590, or other information specific to the qualified plan type on www.irs.gov). |
