Life · Chapter 4 · Universal & Variable
Variable Life (VL)
Definition
Fixed premium, guaranteed minimum death benefit. Cash value goes into a separate account chosen by the owner — owner bears all investment risk.
Exam tip
Variable products are securities: registered under the Securities Act of 1933, sold through SEC-registered separate accounts, and sold only by a FINRA-registered rep. ⚠️ Florida adds its own layer — you may not solicit or sell any variable contract until you pass the DFS variable-contracts licensure exam (F.S. 626.7845).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms