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DEATH BENEFIT

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1. in taxation, a payment or receipt of proceeds to a specified beneficiary or beneficiaries by an employer, by virtue of the death of the employee. Under certain conditions, the first $5000 of such a payment may not be subject to federal income taxes.


2. portion (tax exempt) of the proceeds of a life insurance policy representing protection as distinguished from investment value. Policy loans reduce the death benefit by the amount of the outstanding loan balance.