All payments made under the contract or policy other than loan repayments. Prospectus A legal document containing information about the security for sale. The prospectus contains information on the investment objectives, risks, sales charges and management expenses, services offered, as well as other information. A beneficiary who can be removed by the owner from a contract or policy without his or her consent. Security A document representing participation in an investment.
Stocks are securities representing ownership shares.
Bonds are securities representing a contractual debt obligation of the issuer to repay the holder, with interest. A separate account is not chargeable with or subject to the liabilities or claims of creditors of the company's general account. A separate account may or may not be composed of Sub-Accounts. The minimum death benefit an insurer will pay under a variable life insurance policy provided the life insurance policy is in force. Stock A security that represents ownership of a company.