Final answer:
A Change of Beneficiary Form is not provided annually but upon request by the policy owner. (option D)
Step-by-step explanation:
The student's question pertains to the annual provisions supplied to Universal life policy owners. These policy owners are typically provided with statements detailing interest earnings from their policy's cash value, policy expenses that have been charged, and the upcoming premium that will be due. However, they are not routinely supplied with a Change of Beneficiary form as this is usually requested by the policy owner as needed and is not part of the annual statement.
Cash-value or whole-life insurance policies offer a death benefit along with an accumulated cash value, which can act as an account for the owner's use. The functionality of insurance is based on the fundamental concept that income from premiums and investments must cover outgoing payments to customers, expenses of managing the company, and any profits or losses. Therefore, the one element not automatically provided annually to the policy owner among the options listed is a Change of Beneficiary form (D).