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Variable life insurance
A form of whole
life insurance under which the death benefit and
the cash value of the policy fluctuate according
to the investment performance of a separate account
fund. Most variable life insurance policies guarantee
that the death benefit will not fall below a specified
minimum. A minimum cash value is seldom guaranteed.
Because the policy owner assumes investment risk
under variable life insurance policies, these products
are considered securities contracts. In the United
States, variable life insurance policies must be
registered with the Securities and Exchange Commission
(SEC), and only agents who have passed the National
Association of Securities Dealers (NASD) examination
may sell this product. |
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