Universal Life Descriptions
This creature called universal life has evolved from a combination of term insurance and a flexible premium annuity to a range of differing products with various design features.
1983 - UNIVERSAL LIFE VALUATION AND NONFORFEITURE: A GENERALIZED MODEL, Shane A. Chalke and Michael F. Davlin, Society of Actuaries - [PDF-72p]
- 1.26 Universal life and similar contracts are contracts with terms that are not fixed or guaranteed relative to premium amounts, expense assessments, or benefits accruing to the contract holder.
2011 - AICPA - Checklists Life and health insurance entities, with conforming changes as of May 1, 2011; Audit and accounting guide American Institute of Certified Public Accountants. Life Insurance Audit Guide Task Force