The Universal Life Contract serves as a comprehensive legal agreement between an insurance company and a policy owner in the United States. This contract type emerged in the 1980s as a more flexible alternative to traditional whole life insurance, allowing for adjustable premiums and death benefits. The document outlines all aspects of the insurance relationship, including premium payments, death benefits, cash value accumulation, interest crediting, policy charges, and rights and obligations of all parties. It must comply with state insurance regulations, Internal Revenue Code Section 7702, and various consumer protection laws. The contract is particularly useful for individuals seeking both life insurance protection and tax-advantaged savings opportunities.
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1. Parties: Identification of insurer and policy owner
2. Background: Context and purpose of the insurance contract
3. Definitions: Key terms used throughout the contract
4. Policy Benefits: Details of death benefit, cash value, and other core benefits
5. Premium Provisions: Premium payment terms, flexibility, and consequences of non-payment
6. Cost of Insurance: How charges are calculated and deducted
7. Policy Value Provisions: How policy value is calculated and credited
8. General Provisions: Standard contract terms including incontestability and free look period
1. Rider Provisions: Additional benefits that can be added to the base policy when optional riders are selected by the policyholder
2. Investment Options: Available investment choices and allocation rules when the policy offers multiple investment options
3. Loan Provisions: Terms for policy loans when loan features are offered
1. Schedule A - Policy Specifications: Specific details of coverage, premiums, and policyholder information
2. Schedule B - Cost of Insurance Rates: Detailed tables of applicable insurance rates
3. Schedule C - Interest Rate Provisions: Details of interest crediting rates and calculations
4. Appendix A - Illustrations: Sample policy performance projections
5. Appendix B - State-Specific Provisions: Required provisions specific to the state of issue
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