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How Is Variable Life Different from Universal Life and Term

question 119

Essay

How is variable life different from universal life and term insurance? Who is it best suited for?


Definitions:

Representations

Statements of fact made by one party to another before or at the time of entering into a contract, intended to induce the other party into the contract.

Warranties of Title

Guarantees given by a seller to a buyer that the seller has the right to transfer ownership and no undisclosed liens exist on the property.

Express Warranty

A clearly stated or written guarantee made by a seller about the quality or performance of a product, which becomes part of the contract.

Samples

Samples are small portions or examples of a product provided to consumers for the purpose of testing quality, functionality, or performance before making a purchase.

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