Universal Variable Life Insurance
Definition of "Universal variable life insurance"
Policy combining features Of UNIVERSAL LIFE INSURANCE and VARIABLE LIFE INSURANCE in that excess interest credited to the cash value account depends on investment results of separate accounts (equities, bonds, real estate, etc.). The policy owner selects the accounts into which the premium payments are to be made. However, since this is an equity product, filing with the securities and exchange commission (sec), an annual prospectus, an audit of separate accounts, and agent registration with the national association of SECURITIES dealers (NASD) are required. This policy can be considered a replacement for universal life insurance when interest rates of U.S. Treasury issues and other money market instruments are low. Contrast with universal life insurance.
Popular Insurance Terms
Insurance company that underwrites and sells more than one line of insurance. ...
Exchange of a new policy for one already in force. ...
Nominal interest rate minus the rate of inflation. ...
Coverage for less than one year in duration. ...
Transaction in which the ceding company pays a premium and is guaranteed certain future payments to fund future losses. If losses are less than was expected, the ceding company receives a ...
Coverage to pay basic expenses for an insured and his or her family in states with no fault automobile insurance. No-fault laws generally require drivers to carry both liability insurance ...
Life insurance on the life of a child that provides a death benefit to a beneficiary should the child die during a stipulated time period and the maturity value of the policy at the end of ...
Insurance company's total number of agents. ...
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are ...
Have a question or comment?
We're here to help.