Universal Life Descriptions

 

This creature called universal life has evolved from a combination of term insurance and a flexible premium annuity to a range of differing products with various design features.

1983 – UNIVERSAL LIFE VALUATION AND NONFORFEITURE: A GENERALIZED MODEL, Shane A. Chalke and Michael F. Davlin, Society of Actuaries – [PDF-72p]

  • 1.26 Universal life and similar contracts are contracts with terms that are not fixed or guaranteed relative to premium amounts, expense assessments, or benefits accruing to the contract holder.

2011 – AICPA – Checklists Life and health insurance entities, with conforming changes as of May 1, 2011; Audit and accounting guide American Institute of Certified Public Accountants. Life Insurance Audit Guide Task Force – 619p – https://egrove.olemiss.edu/aicpa_indev/1204/