Life Insurance Terms

Investment Terms



The process whereby the insurer assesses the potential risk of the life insured, when the application is made for insurance.


The individuals at an insurance company who assess the risk of the life insured.

Universal life insurance

A type of insurance that is a combination of insurance and investment and offers flexibility unlike other insurances (flexible insurance coverage, flexible premiums, and tax-deferred investment account)

Unenforceable contract

A valid contract that cannot be carried out if one party refuses to comply with the terms (an insurance contract requires: need for legal capacity, meeting of the minds, and no evidence of fraud, forgery or theft)


An investment firm that purchases a security directly from its issuer for resale to other investment firms or the public or sells for such issuer to the public.

Unit trust

An unincorporated fund whose organizational structure permits the conduit treatment of income realized by the fund.

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