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Variable universal life insurance
A form of whole
life insurance that combines the premium and death
benefit flexibility of universal life insurance
with the investment flexibility and risk of variable
life insurance. Because the policyowner assumes
investment risk under variable universal life insurance
policies, these products are considered securities
contracts. In the United States, variable universal
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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