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
Claim against property for payment of taxes. Life insurance proceeds and annuity benefits are protected against certain creditors of the insured, but the federal government is not one of ...
Insured's income prior to the disability minus the insured's income after the disability. ...
Termination of coverage in insurance. ...
Accounting procedures that defer the full funding of a life insurance net level premium reserve to accommodate the policy acquisition cost in the early years of a policy. First-year policy ...
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To transfer a risk from an insurance company to a reinsurance company. ...
Rule that concerns the distribution of the aggregate surplus among the policies in the same proportion as each respective policy has contributed to the surplus. ...
Same as term Blanket Position Bond: covers all employees of a business on a blanket basis with the maximumlimit of coverage applied separately to each employee guilty of a crime. ...
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