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Universal Life Insurance
Universal life insurance is a flexible
premium life insurance policy (not fixed like in a level
term life insurance policy) under which the policy owner may
change the death benefit from time to time (with satisfactory evidence
of insurability for increases) and vary the amount or timing of
premium payments. Premiums are credited to a policy account from
which mortality charges are
deducted and to which interest is credited at rates, which may change
from time to time.
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