Tax-Deferred Investing
Method of investing in which earnings accumulate tax free until they are withdrawn. At withdrawal, taxes on earnings are due. i.e.s include traditional IRAs, annuities, and permanent life insurance.

Term Life Insurance
Life insurance, limited to a death benefit, which is payable only if the insured dies during the time the policy is in force.

Total Return
In performance measurement, the actual rate of return realized over a specified period.

Trust
Fiduciary relationship under which an Owner transfers legal title of certain property to another party, the Trustee, who in turn holds it for the benefit of the grantor and/or beneficiaries. The terms and conditions under which the Trustee holds the property are set forth in the trust agreement.

Universal Life Insurance (EP)
Permanent life insurance product in which the mortality, investment, and expense factors used to calculate premium rates and cash values are expressed separately in the policy. One can specify the premium amount desired to be paid provided this amount falls within the minimum and maximum specified by the company.

Unit Investment Trust
An investment vehicle that offers the benefits of a large, professionally managed, and diversified portfolio. Unit investment trusts buy a fixed portfolio of securities, e.g., stocks, bonds, or mortgage-backed securities. Investors (unit holders) receive an interest in both the principal and income portion of the portfolio based on the amount of capital they have invested.

Variable Life Insurance (EP)
A form of permanent insurance under which the cash value, and possibly the death benefit, of the policy fluctuates according to the investment performance of multiple funds offered as investment separate accounts. Most variable life insurance policies guarantee the death benefit will not fall below a specified minimum. A minimum cash value is not usually guaranteed.

Variable Universal Life Insurance (EP)
A form of life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance.