### Question
How is the term life insurance gross income defined?


### Answer
The term **life insurance gross income** is defined in *26 U.S.C. § 803* as the following:

> the sum of the following amounts:


#### (1) Premiums


(A) The gross amount of premiums and other consideration on insurance and annuity contracts, less


(B) return premiums, and premiums and other consideration arising out of indemnity reinsurance

#### Citation:
  - *26 U.S.C. § 803*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter L-Insurance Companies > PART I-LIFE INSURANCE COMPANIES > Subpart B-Life Insurance Gross Income**

