1. The Universal or Variable Linked Life Assurance policy has been issued by a number of companies in the United States of America and in the United Kingdom, and it is now reasonably familiar in the marketplace. It does not appear to have received much attention in actuarial literature, perhaps because of its simplicity, though a paper has been presented to the Institute of Actuaries Students' Society (Sheraton, 1984). So far as I know the corresponding Variable Linked Life Annuity has not been issued by any office, and some of its features are slightly different from those of the Life Assurance policy.