• In fact, it is accurate to describe Universal Life as a generalized version of the actuarial formulas underlying traditional life insurance products.

In other words, it is possible to produce any traditional plan of insurance from the generalized formulas underlying universal life.

--   Alan Richards, president and chief executive officer of E. F. Hutton Life Insurance Co.,

1983 - GOV -  Tax treatment of life insurance: Hearings before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, page 448.