Universal life insurance allows the policy owner to modify the:

A) face value of the policy and the premiums.
B) face value of the policy,but not the premiums.
C) premiums,but not the face value of the policy.
D) face value of the policy and obtain refunds of premiums already paid.

Universal Life Insurance

A form of straight life insurance that allows the policy owner flexibility in choosing and changing terms of the policy.

Policy Owner

The individual or entity that holds and controls an insurance policy and has the right to exercise all privileges under the contract.

Face Value

The nominal or stated value of a financial instrument or document, such as a bond or stamp, not necessarily its market value.