Final answer:
A universal life policy with sufficient cash value may allow the owner to vary or skip premium payments, but they may not have freedom to rewrite or convert the policy, nor cease payments before paid-up status without policy terms that permit such actions.
Step-by-step explanation:
If a universal life policy has enough cash value to cover mortality and expense charges, the policyowner may vary premiums at will or skip premium payments altogether. Universal life insurance is unique in that it allows for flexible premium payments, including the option to pay more or less than the scheduled amount, or even skip payments if there is sufficient cash value to maintain the policy. However, the policyholder might not be able to rewrite the policy based on a different mortality table, convert the policy to a whole life insurance, or completely cease making payments before the policy is in paid-up status without specific terms allowing for these actions within their policy.