Final answer:
All the characteristics listed (flexible death benefits, flexible premiums, and builds cash value) are actually features of a universal life insurance policy. Universal life insurance allows policyholders to adjust their premium payments and death benefits, and also accumulates cash value over time.
Step-by-step explanation:
The question is asking which of the following is NOT a characteristic of a universal life insurance policy: flexible death benefits, flexible premiums, or builds cash value. Universal life insurance is known for both its flexible premiums, meaning the amount you pay into the policy can vary, and its flexible death benefits, which means the amount the policy pays out upon the insured's death can be adjusted.
Additionally, a universal life insurance policy typically builds cash value over time, which the policyholder can use during their lifetime under certain conditions.
Thus, all the options listed are actually true characteristics of universal life insurance policies. It is important to understand these aspects when choosing a life insurance policy, as they can affect both the coverage provided and the policy's investment potential.