Universal Life Descriptions - NAIC

  • A proposal to draft a universal life model bill was set forth by the advisory committee to the (A5) Universal Life Insurance Task Force.
  • The advisory committee chairman, James Jackson of Transamerica Occidental Life, indicated that the drafting of such a model bill would be contingent on the ability of the advisory committee to adopt a "workable, acceptable" definition of universal life.  (p7)

1983 02 - SOA - The Actuarial Update - (A5) Task Force Considers Universal Life Model Bill, Society of Actuaries, NAIC Report by Bill Hager - 8p

  • InsureU
  • LIBG - Different Versions
  • CIPR - Permanent made up of Term
  • LIIIWG - Permanent / Term
  • Old
    • Special Plans
    • Completely Flexible
    • Funded

NAIC - Accounting Practices and Procedures Manual, SSAP No. 50— Classifications of Insurance or Managed Care Contracts:

  • Universal life and variable life contracts include those contracts which have terms that are not fixed and guaranteed relative to premium amounts, expense assessments, or benefits accruing to the policyholder.
  •  
  • The term “universal life insurance policy” means a life insurance policy where 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. (p27)

2021 - NAIC Valuation Manual - 299p