Final answer:
All options listed, including a flexible death benefit, flexible premiums, and the ability to build cash value, are characteristics of a universal life insurance policy. The correct answer is 'none of these,' as all provided characteristics are correct for a universal life insurance policy.
Step-by-step explanation:
The characteristics of a universal life insurance policy include having a flexible death benefit, flexible premiums, and the ability to build cash value. Among the options given:
- A flexible death benefit - This is a feature of universal life insurance.
- Flexible premiums - Policyholders can adjust their premium payments, which is another characteristic of universal life insurance.
- Builds cash value - Universal life policies typically have a savings component that builds cash value over time.
Therefore, the characteristic that is not associated with a universal life insurance policy is 'none of these' as all the previously mentioned options are, indeed, characteristics of a universal life insurance policy.