1. (a) If A assigns an insurance policy on his life to B without retaining any of the legal incidents of ownership (as, for example, the right to surrender or cancel the policy, the right to obtain a loan against the policy, the right to its surrender value, or a right to change the beneficiary or assignee, if by the exercise of the latter right the proceeds of the policy might be made payable to A, his estate, his administrator, or his executor), such assignment constitutes a gift from A to B.
2. (b) If A designates a beneficiary to whom the proceeds of a policy on his life are to be paid, without retaining any of the legal incidents of ownership in the policy, the designation constitutes a gift from A to the person designated.
3. (c) If A makes an irrevocable gift of a policy, whether by a method noted in subdivisions (a) and (b) or otherwise, and thereafter pays the premiums thereon, each premium payment is a gift in the amount thereof.

4. (d) If A is the owner of a policy insuring the life of B in which C is the named beneficiary, the payment of insurance proceeds to C, upon B's death, constitutes a gift from A to C.

   Note: For valuation of gifts of life insurance, see Sections 15558, 15558.1, and 15558.2.

   Note: Reference: Section 15104, Revenue and Taxation Code.

It is assumed in this regulation that the transfers were not made for an adequate and full consideration in money or money's worth.