policy date

  • A date specified in the policy as the date from which premium payment dates are reckoned, the date from which the incontestable clause and suicide clause time limits are measured, and the date from which "policy years" for nonforfeiture option purposes are measured. The policy date is frequently called the "date of issue" of the policy and is usually the date of execution, unless a binding receipt was issued and the policy was dated before execution.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).