Definitions
For purposes of this subsection—
(A) Employee
(A)Employee#
The term “employee” includes an officer, director, and highly compensated employee (within the meaning of section 414(q)).
(B)Insured#
The term “insured” means, with respect to an employer-owned life insurance contract, an individual covered by the contract who is a United States citizen or resident. In the case of a contract covering the joint lives of 2 individuals, references to an insured include both of the individuals.