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Glossary
V-Z
- variable annuity
A tax-deferred investment that pays a variable rate of return, unlike a fixed-rate annuity that pays a fixed rate of return. Owners of variable annuities may, based on their risk tolerance, select from a variety of investment sub-accounts.
variable universal life insurance
Permanent life insurance that combines features of universal life insurance -- such as premium and death benefit flexibility -- with features of variable life insurance -- such as additional investment choices. Variable universal life insurance usually accumulates cash values. (See: permanent life insurance.)
- whole life insurance
A permanent life insurance policy that remains in full force and effect throughout the life of the insured, with fixed premium payments being made for the same period. (See: permanent life insurance.)
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