With regard to "life insurance," comment on the following.

a. What the term includes (i.e., types of policies).

b. The meaning of "incidents of ownership."

c. When a gift occurs upon maturity of the policy.

d. The tax consequences when the owner of the policy predeceases the insured and the beneficiary.

e. The tax consequences when the owner-insured gives the policy to the benefici ary and dies shortly after making the gift.