A. Universal Life Insurance Company. “Universal life insurance policy” means any individual life insurance policy under the provisions of which separately identified interest credits (other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts) and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges, such as charges for the cost of benefits provided by rider.

B. Flexible Premium Universal Life Insurance Policy. “Flexible premium universal life insurance policy” means a universal life insurance policy which permits the policyowner to vary, independently of each other, the amount of timing of one or more premium payments or the amount of insurance.

C. Fixed Premium Universal Life Insurance Policy. “Fixed premium universal life insurance policy” means a universal life insurance policy other than a flexible premium universal life insurance policy.

D. Interest-Indexed Universal Life Insurance Policy. “Interest-indexed universal life insurance policy” means any universal life insurance policy where the interest credits are linked to an external referent.

E. Net Cash Surrender Value. “Net Cash Surrender Value” means the maximum amount payable to the policyowner upon surrender.

F. Cash Surrender Value. “Cash Surrender Value” means the Net Cash Surrender Value plus any amounts outstanding as policy loans.

G. Policy Value. “Policy Value” means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy.

H. May. “May” is permissive

I. Shall. “Shall” is mandatory

J. Commissioner. “Commissioner” means the Arkansas Insurance Commissioner.