Starters - Universal Life Descriptions
4 - They <Universal Life Policies> merely afford purchasers greater flexibility in designing their contracts so as to meet their individual needs.
3/4 - In a universal life policy, you can choose a flexible premium payment pattern as long as you pay enough to keep your policy in force. (p4)
4 - Ask your insurance agent, financial advisor, or an insurance company representative for an illustration showing future values and benefits. (p5)
2018 - NAIC Life Insurance Buyer's Guide - 8p
4/6 - One kind of flexible premium Policy, often called universal life, lets you vary your premium payments every year and even skip a payment if you wish.
- The premiums you pay (less expense charges) go into policy account that earns interest and charges for the insurance are deducted from the account.
- Here, insurance continues as long as there is enough money in the account to pay the insurance charges.
1984-1995 - NAIC Life Insurance Buyer's Guide - Written by the ACLI
2/4/6 - Unlike adjustable life, where a current plan is defined, but is subject to change, a universal life policy at any time has only a "minimum" and a "maximum' plan....
The adoption in 1983 of the Model Regulation for Universal Life provided recognition that these policies could be configured as whole life policies.
1989-1 (p662), NAIC Proceedings
7 - 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. (p01-21)
2021 - NAIC Valuation Manual
2/5 - Comment [BJC2]: Permanent insurance is a term used only by the industry – not by consumer educators.
We would prefer – Life insurance comes in two basic types: Term and whole life (also referred to as permanent insurance).
Brenda Cude - No Date - Assuming approximately 11/15/2017
<Bonk: Which Category is she putting Universal Life Insurance in? I would assume Whole, however, she could mean term.>
- A few companies have introduced a product known as Universal or Total Life.
- The concept involves...the company withdraws an amount sufficient to pay the premiums for an annual renewable term coverage for the amount selected for the for the current policy year.
5 - 1982 - Life Insurance - Academic Textbook, Huebner and Black
<Bonk: This passage was in Chapter 5 titled "Term Insurance"> page 70
4 - ...completely Dynamic services and policy opportunities for their customers to purchase and to elect a variety of options.
2019/11/09 - LIIIWG CC - Michael Lovendusky, ACLI
4/6 - "Dynamic Products" are products with premiums and benefits that can fluctuate from month to month, depending on the premiums the policyholder pays, the withdrawals the policyholder makes, the investment returns credited to the policy, and the mortality and expense charges deducted from the policy."
"Some common names for dynamic products include universal life, variable universal life, unit-linked life, and adjustable life."
2000, - Life Insurance Products and Finance, page 288, D.B. Atkinson and J.W. Dallas