IRC 7702 refers to a section of the Internal Revenue Code (IRC) that outlines the tax treatment of certain life insurance contracts. Specifically, IRC 7702 establishes criteria that a life insurance contract must meet to qualify as a “life insurance contract” for tax purposes. The section defines the conditions under which the benefits paid out from such contracts will be considered tax-free. Life insurance contracts that meet the requirements outlined in IRC 7702 are afforded certain tax advantages, such as the tax-free accumulation of cash value within the policy and tax-free death benefits for beneficiaries. In summary, IRC 7702 sets forth the criteria that life insurance contracts must satisfy to receive favorable tax treatment under the Internal Revenue Code.