Universal Life Insurance

Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index. The potential advantage of the universal life policy is in its flexibility and the potential for greater cash value growth if the interest rates offered outperform the insurer's general account (that whole life policy cash value growth is based on). Universal life is more flexible than whole life in two primary ways: the death benefit and usually the premium payment are flexible.

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SPECIAL RULE FOR CERTAIN PAYMENTS

  (B) SPECIAL RULE FOR CERTAIN PAYMENTS OR OTHER
TRANSFERS OF VALUE.—In the case where an applicable
manufacturer provides a payment or other transfer of
value to an entity or individual at the request of or designated
on behalf of a covered recipient, the applicable
manufacturer shall disclose that payment or other transfer
of value under the name of the covered recipient.
(2) PHYSICIAN OWNERSHIP.—In addition to the requirement
under paragraph (1)(A), on March 31, 2013, and on the
90th day of each calendar year beginning thereafter, any applicable
manufacturer or applicable group purchasing organization shall submit to the Secretary, in such electronic form as
the Secretary shall require, the following information regarding
any ownership or investment interest (other than an ownership
or investment interest in a publicly traded security and
mutual fund, as described in section 1877(c)) held by a physician
(or an immediate family member of such physician (as defined
for purposes of section 1877(a))) in the applicable manufacturer
or applicable group purchasing organization during
the preceding year:
(A) The dollar amount invested by each physician
holding such an ownership or investment interest.
(B) The value and terms of each such ownership or
investment interest.
(C) Any payment or other transfer of value provided
to a physician holding such an ownership or investment interest
(or to an entity or individual at the request of or
designated on behalf of a physician holding such an ownership
or investment interest), including the information described
in clauses (i) through (viii) of paragraph (1)(A), except
that in applying such clauses, ‘physician’ shall be substituted
for ‘covered recipient’ each place it appears.
(D) Any other information regarding the ownership or
investment interest the Secretary determines appropriate.
(b) PENALTIES FOR NONCOMPLIANCE.—
(1) FAILURE TO REPORT.—
(A) IN GENERAL.—Subject to subparagraph (B) except
as provided in paragraph (2), any applicable manufacturer
or applicable group purchasing organization that fails to
submit information required under subsection (a) in a
timely manner in accordance with rules or regulations promulgated
to carry out such subsection, shall be subject to
a civil money penalty of not less than $1,000, but not more
than $10,000, for each payment or other transfer of value
or ownership or investment interest not reported as required
under such subsection. Such penalty shall be imposed
and collected in the same manner as civil money
penalties under subsection (a) of section 1128A are imposed
and collected under that section.
(B) LIMITATION.—The total amount of civil money
penalties imposed under subparagraph (A) with respect to
each annual submission of information under subsection
(a) by an applicable manufacturer or applicable group purchasing
organization shall not exceed $150,000.

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