The claim value is the amount payable by the insurance
company when the policy matures. This will usually constitute the
open market value (
IHTM20083), but may not be in certain
circumstances. For example, in the case of unit-linked policies,
the claim value may be related to the value of the relevant units
when the insurance company receives written notification of death,
whereas the value to be adopted for inheritance tax purposes is
related to the value of the units at date of death.
The claim value may also be subject to a discount (
IHTM20212). See
IHTM20211 for further information.
