Universal life insurance definition

Universal life insurance means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges, such as charges for the cost of benefits provided by rider.
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Universal life insurance means an insurance policy that provides insurance over a specified period with greater flexibility on premium payment and potential for higher internal rates of return and builds CSV for policy owners over time.
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Universal life insurance means a flexible whole- life insurance policy that provides lifetime protection under a contract that separates the protection and savings components. The policy owner can vary the timing and amount of premium payments and earn interest in excess of the guaranteed crediting rate based on the investment performance of the insurer;
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Examples of Universal life insurance in a sentence

  • Universal life insurance policy” means any individual life insurance policy under the provisions of which separately identified interest credits (other than in con- nection with dividend accumulations, premi- um deposit funds, or other supplementary accounts) and mortality or expense charges are made to the policy.

  • Universal life insurance policy” means any individual life insurance policy under the provisions of which separately identified interest credits (other than in con- nection with dividend accumulations, premi- um deposit funds or other supplementary accounts) and mortality or expense charges are made to the policy.

  • Universal life insurance products include universal life insurance, variable universal life insurance, corporate-owned life insurance and other interest-sensitive life insurance policies.

  • Universal life insurance also has several desirable features that provide flexibility.

  • No dividends or shares to stockholders are reflected.o Universal life insurance.

  • Benefit: the Authority sponsors options which will provide employees the opportunity to purchase individual Term, Whole, or Universal life insurance policies at competitive rates.

  • Investment assets belong to policyholder not the company.- Universal life insurance policy is life insurance policy with separate investment saving element.

  • Universal life insurance, which is also known as “permanent insurance” or “cash valued insurance,” is more complex.

  • The primary advantages of whole life are guaranteed death benefits; guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy.• Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return.

  • III – Universal life insurance is also same a whole life and buyer assumes greater risk due to program flexibility.


More Definitions of Universal life insurance

Universal life insurance has the meaning specified in the preamble to this Agreement.
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Universal life insurance means an individual flexible premium adjustable life insurance policy or an individual flexible premium variable universal life insurance policy.
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Related to Universal life insurance

  • Life insurance means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Franchise insurance means an individual insurance policy provided through a

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;

  • Insurance Company The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, U.S. territory or the District of Columbia.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Universal bilateral modification means a bilateral modification, as defined in FAR subpart 43.1, that updates or incorporates new FAR or AIDAR clauses, other terms and conditions, or special requirements, affecting all USAID awards or a class of awards, as specified in the Agency notification of such modification.

  • Sponsored captive insurance company means a captive insurance company:

  • Accidental death and dismemberment insurance or "AD&D" means basic accidental death and dismemberment (AD&D) insurance paid for by the employing agency, as well as supplemental accidental death and dismemberment insurance offered to and paid for by employees for them- selves and their dependents.

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Group health insurance coverage means in connection with a group health plan, health insurance

  • Captive insurance company means any pure captive insurance company, association captive

  • Reimbursement insurance policy means a policy of insurance

  • Insurance group means the persons that comprise an insurance holding company system.