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Meaning of universal life insurance

u'niver'sal life' insur"ance

Pronunciation: [key]
  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
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.