| Valued policy | Face value of the insurance is paid. |
| | |
| Variable Annuity | An annuity under which the policy's accumulated value, and sometimes the amount of monthly annuity benefit payments, fluctuate with the performance of a separate account. |
| | |
| Variable Life Insurance | A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum. |
| | |
| Variable Universal Life Insurance | A form of whole life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance. Also called flexible premium variable life insurance and universal life II. See also investment-sensitive insurance. |
| | |