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universal life insurance

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noun
  1. a type of insurance in which the payments of the insured are placed in an investment fund, earnings from which pay the premium on term life insurance while any remainder continues to increase the policy's value.
Also called universal-life insurance.
Related formsu·ni·ver·sal-life, adjective
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018