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
Paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
Insurance sold by privately formed insurance companies with the objective of making a profit. ...
Qualified retirement plan under the internal revenue code Section 457 for employees of the states and political subdivisions within the states. ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Probability of one's living to a specific age according to a particular mortality table. Life expectancy is the beginning point in calculating the pure cost of life insurance and annuities ...
Interest rate credited on three-month United States Treasury bills. ...
Unexpected, unforeseen event not under the control of the insured that results in bodily injury. ...
Model state law of the NAIC that requires that applicant be furnished a Buyer's Guide to Annuities and a contract summary. The Buyer's Guide must contain information concerning: the various ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
Have a question or comment?
We're here to help.