Final answer:
The face amount of both Adjustable Life Insurance and Universal Life Insurance is not specified and varies by policy. Each policy is customized to meet the needs and preferences of the policyholder, so the face amount can be adjusted to provide the desired level of coverage.
Step-by-step explanation:
The correct answer is a) It is not specified and varies by policy.Both Adjustable Life Insurance and Universal Life Insurance have a face amount that is not fixed and varies by policy. The face amount is the death benefit or the amount of money that will be paid out to the beneficiaries upon the death of the insured individual. This amount is determined by factors such as the individual's age, health, and desired coverage amount.Each policy is customized to meet the needs and preferences of the policyholder, so the face amount can be adjusted to provide the desired level of coverage. For example, a policyholder may choose a higher face amount to ensure that their beneficiaries are well taken care of in the event of their death.Therefore, the face amount of both Adjustable Life Insurance and Universal Life Insurance is not fixed and varies by policy.