Variable Adjustable Life Insurance to Voidable Definitions

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Variable Adjustable Life Insurance
A type of permanent life insurance policy that provides a death benefit and sub-accounts for varied investment and savings accounts per policy provisions.

Variable Life Insurance
One of several types of life insurance policies that provide both life insurance protection and a savings component. The return on the savings portion of a variable life policy will generally vary, as it depends on the performance of the underlying securities.

Voidable
A provision that allows for an insurance policy to be cancelled by either the insurance company or the insured if either side breaches the contract.

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