Variable Universal Life Insurance Law and Legal Definition
Variable universal life insurance refers to an insurance that has combined features of variable life insurance as well as universal life insurance bound by the same contract. In variable universal life insurance, benefits earned may vary according to the value of underlying equity investments, and premiums. Such benefits can be adjusted by the policyholder. If there is sufficient cash value to pay the costs of insurance in the policy, the death benefit will be paid in case the insurer dies any time. For this reason, it is also called permanent life insurance.
Legal Definition list
Related Legal Terms
- Abuse in Later Life Program [Department of Justice]
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
