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 an individual flexible premium adjustable life insurance policy or an individual flexible premium variable universal life insurance policy.
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Examples of Universal life insurance in a sentence

  • Universal life insurance offers help that goes beyond traditional life insurance to meet challenging situations.

  • Universal life insurance shall be available for the employee and/or spouse from a minimum amount of $10,000 up to the maximum provided in the policy, in $10,000 increments.

  • Universal life insurance policy” means any individual life insurance policy under the provisions of which separately identi- fied interest credits, other than in connection with dividend accu- mulations, premium deposit funds, or other supplementary accounts, and mortality or expense charges are made to the policy.

  • Universal life insurance policies shall clearly describe and illustrate calculations used to determine loan values and the options available under the policies upon default in premium payments.History: 1956, Act 218, Eff.

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

  • Universal life insurance policies with provisions allowing a policyholder to keep a policy in force over a secondary guarantee period.

  • Drafting Note: Universal life insurance policies may use designated amounts for different purposes.

  • Universal life insurance was designed to overcome these shortcomings.

  • Universal life insurance, variable annuities, and protection products are core products in the region.

  • Universal life insurance represents 45 percent of insurance in force at December 31, 2001, compared to 47 percent at December 31, 2000.


More Definitions of Universal life insurance

Universal life insurance has the meaning specified in the preamble to this Agreement.
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Related to Universal life insurance

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • 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 insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • 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.

  • Industrial insured captive insurance company means a company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies.

  • 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 The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, 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:

  • Insurance premium finance company means a person engaged in the business of

  • 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

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • Captive insurance company means a pure captive insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director.