Single Premium Variable Universal Life Insurance
Definition of "Single premium variable universal life insurance"
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, administrative expenses, premium tax, and in some instances, a contract fee. The policy owner may execute policy loans and in many instances on a zero cost basis if the policy loans come from the policy's gains. The policy owner may also make a partial cash surrender value of policy at no surrender charge for that portion of the premium not previously surrendered. When surrender charges are levied, they usually apply for the first 10 years that the policy is in force and range from 6 to 15% in the first year decreasing to zero by the end of the tenth year. Within the policy, the policy owner can effect tax-free transfers of funds among the sub-accounts in order to try to optimize the return.
Popular Insurance Terms
Government agency whose function is to administer the Federal Flood Insurance Program, the Federal Crime Insurance Program, and the fair access to insurance requirement (fair) plan. ...
Trust that cannot be revoked by the creator. ...
Contract combining whole life and decreasing term insurance. A monthly income is paid to a beneficiary if an insured dies during a specific period. At the end of that period, the full face ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Injury that does not qualify either for partial or total disability income under a disability income or Workers Compensation policy. ...
U.S. government group term life insurance for male and female members of the federal uniformed forces on active duty, underwritten by private insurance companies. Premiums reflect peacetime ...
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Have a question or comment?
We're here to help.