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A type of corporate-owned life insurance (COLI) often used to informally fund elective nonqualified deferred compensation. In addition to premiums covering the cost of the life insurance, separate investment choices exist for allocating premiums (net of premium charges). These include, for example, mutual fund investments. The investments mirror the choices made available for your NQDC account. Taxes are not owed on the earnings of these investments or when switches between them are made.