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Life Insurance Glossary

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Glossary of Definitions - V

Variable Life Insurance
Life insurance under which the benefits relate to the value of assets behind the contract at the time the benefit is paid. The amount of death benefit payable would, under variable life policies that have been proposed, never be less than the initial death benefit payable under the policy.

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)

 

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