Final answer:
The owner of a Universal Life insurance policy would not automatically receive a Change of Beneficiary form each year; this form is only provided upon request for a beneficiary change.
Step-by-step explanation:
The student asked which item they would not receive each year as the owner of a Universal Life insurance policy. The correct answer is, they would not receive a Change of Beneficiary form. The owner of a Universal Life insurance policy would not automatically receive a Change of Beneficiary form each year; this form is only provided upon request for a beneficiary change.
The yearly statements of a Universal Life policy typically include the interest earnings credited to the policy, the policy expenses or cost of insurance charged, and information about the upcoming premium due.
However, a Change of Beneficiary form is not something that is automatically sent out yearly; it is only provided upon request by the policyholder if they wish to change the beneficiary on their policy.