§ 13952.10. Refund Annuity Contract.

The value of a refund annuity contract at the date of the annuitant's death is:

(a) The full amount payable to the beneficiary, if such amount is payable in a lump sum.

(b) The present value at the annuitant's death of the amount payable to the beneficiary, if such amount is payable periodically or in the form of an annuity.

Note

Note: As to the taxation of refund annuities, see Section 13648.1.

Note: Reference: Section 13952, Revenue and Taxation Code.