Amount held by an insurer
An amount held by an insurer with respect to any beneficiary shall mean an amount to which subsection (a) applies which is—
(A)#
held by any insurer under an agreement provided for in the life insurance contract, whether as an option or otherwise, to pay such amount on a date or dates later than the death of the insured, and
(B)#
equal to the value of such agreement to such beneficiary
(i) as of the date of death of the insured (as if any option exercised under the life insurance contract were exercised at such time), and
(ii) as discounted on the basis of the interest rate used by the insurer in calculating payments under the agreement and mortality tables prescribed by the Secretary.
(B)(i)#
as of the date of death of the insured (as if any option exercised under the life insurance contract were exercised at such time), and
(B)(ii)#
as discounted on the basis of the interest rate used by the insurer in calculating payments under the agreement and mortality tables prescribed by the Secretary.