Final answer:
In an adjustable life policy, policyowners have the ability to change the premium amount, death benefit amount, and cash value accumulation based on their needs. This customization allows for flexibility and adaptability to changing circumstances.
Step-by-step explanation:
In an adjustable life policy, certain elements can be changed by the policyowners. These elements include the premium amount, the death benefit amount, and the cash value accumulation. Policyowners have the flexibility to adjust these aspects of their policy based on their changing needs and financial circumstances. For example, if a policyowner wants to increase their death benefit coverage, they can request to raise the amount. Additionally, if a policyowner wants to decrease their premium payment, they can adjust it to a lower amount. Similarly, the cash value accumulation can be managed by the policyowner based on their preference. Overall, an adjustable life policy offers policyowners the ability to customize their insurance coverage to meet their specific requirements and goals.