Universal Life Insurance - Government Descriptions
Universal life insurance
- A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection.
- The policyholder can pay maximum premiums and maintain a high cash surrender value.
- Alternatively, the policyholder can make minimal payments in an amount only large enough to cover mortality and other expense charges. (p1388)
2020 - Federal Reserve (FRB) - Bank Holding Company Supervision Manual - 1764p
-- Federal Reserve (FRB) - Commercial Bank Examination
- Life insurance is available in two basic types: term and permanent (which includes whole life, universal life, variable life, and variable universal life). 205 (p37)
- 205 See American Council of Life Insurers, What You Should Know About Buying Life Insurance, available at https://www.acli.com/Consumers/Life%20Insurance/Documents/What_You_Should_Know_About_Buying_Life_Insurance.pdf
- Permanent (cash value) life insurance pays the beneficiary whenever the insured dies, as long as premiums have been paid. (p38)
2016 11 - FIO - Report on Protection of Insurance Consumers and Access to Insurance - 58p
- Universal Life – A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection.
- The policyholder can pay maximum premiums and maintain a very high CSV.
- Alternatively, the policyholder can make minimal payments in an amount just large enough to cover mortality and other insurance charges. (p22)
2004 - Interagency Statement On The Purchase And Risk Management Of Life Insurance - 28p
- OCC, FRB, FDIC, OTS
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Marietta Jelks - Editor-in-Chief, Consumer Action Handbook
- Whole (or universal) life insurance policies are considered permanent.
- As long as you pay the premium, the policy is in effect. (p32)
2015 Version - Consumer Action Handbook, published by USAGov, part of the U.S. General Services Administration’s (GSA) Office of Citizen Services and Innovative Technologies. - 146p
This coverage has overshadowed the traditional whole life policy because the latter offers limited interest rates in its savings component.
- Universal life has a pure insurance component and a professionally managed investment component.
- This form of coverage is extremely flexible and complex, and demands a well-trained sales staff.
1994 01 - OTS - Office of Thrift Supervision - Examination Handbook - Section 720 (Other Activities) - 22p