§ 15558.2. Assignment, or Designation of Beneficiary, of Life Insurance Contract.

Source: https://govt.westlaw.com/calregs/Document/IEA8193B44C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

If an individual makes an irrevocable and gratuitous assignment, or designation of a beneficiary, of a fully or partially paid-up life insurance policy issued on his life, the value of the gift is the cost of replacing or reproducing the policy at the date of the gift.

Note: Reference: Section 15558, Revenue and Taxation Code.