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Glosary of Life Insurance Terms

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Calculation of the policy reserve in Life Insurance.
Used in Life Insurance terminology as a shortened term for nonforfeiture values. See Nonforfeiture Values.
Variable Contracts
Contracts such as variable annuities or variable life insurance which contain an element of risk for the investor depending on the performance of the separate account backing the contract. Generally, these contracts are products of insurers but regulated by both state insurance departments and the federal government.
Variable Life Insurance
A form whose face value varies depending upon the value of the dollar or securities or other equity products at the time payment is due.
Variable Universal Life
A combination of the features of Variable Life Insurance and Universal Life Insurance under the same contract. Benefits are variable based on the value of equity investments, and premiums and benefits are adjustable at the option of the policyholder.
The attainment of a benefit right by a participant, attributable to employer contributions, that is not contingent upon a participant's continuation in specified employment. See also Contingent Vesting, Deferred Vesting, and Immediate Vesting.

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