A combination of the features of variable life insurance and universal life insurance under the same contract. Benefits are variable based on the value of underlying separate accounts, and premiums and benefits are adjustable at the option of the policyholder.

A form of life insurance whose cash value and/or face value fluctuates depending upon the value, securities or equity products supporting the policy, invested in funds called separate accounts, the sum of which comprise the cash value of the policy.

A life insurance policy that allows flexibility of premium payments which may affect the benefit to be paid and/or the length of time coverage is in force.

The individual trained in evaluating risks and determining rates and coverages for them.

The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.

Fee charged to a policyholder when a life insurance policy or annuity is surrendered for its cash value. This fee reflects expenses the insurance company incurs by placing the policy on its books, and subsequent administrative expenses.

Life insurance that provides protection for a specified period of time. Common policy periods are 10, 15, 20 and 30 years. Term policies usually do not build up any of the nonforfeiture values associated with permanent life policies.

Part of the Internal Revenue Code that defines the conditions a life policy must satisfy to qualify as a life insurance contract, which has tax advantages.

This refers to a part of the Internal Revenue Code that allows owners to replace a life insurance or annuity policy without creating a taxable event.

The automatic re-establishment of in-force status effected by the payment of another premium.