Universal Life - International Descriptions
- 2 Universal life is a combination flexible premium, adjustable life insurance policy.
- The policyholder may select the amount of premium he or she can pay and the policy benefits are those which the premium will purchase.
- Or, the premium payer may change the amount of insurance and pay premium accordingly.
-
26. Universal life policy: is a combination flexible premium, adjustable life insurance policy.
- The policyholder may select the amount of premium to pay and the policy benefits are those which the premium will purchase.
- If the policyholder may choose to pay a premium that is greater than that required to support the chosen benefit, the excess accumulates as an investment.
2006 10 - IAIS - ISSUES PAPER ON ASSET-LIABILITY MANAGEMENT - [PDF-20p]
Universal Life Insurance -
- ...a flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the premium payments.
- Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates which may change from time to time.
2002 09 - United Nations - SUPERVISION OF INSURANCE
OPERATIONS - AN INTRODUCTORY TRAINING MANUAL FOR STAFF OF INSURANCE SUPERVISORY AUTHORITIES - [PDF-140p]