Final answer:
A universal policy is a type of permanent life insurance that offers flexible premiums and the ability to build cash value over time. However, it does not have a fixed surrender value.
Step-by-step explanation:
A universal policy is a type of permanent life insurance that offers flexible premiums and the ability to build cash value over time. However, it does not have a fixed surrender value.
The surrender value is the amount of money you would receive if you were to cancel the policy before it matures.
In a universal policy, the surrender value can fluctuate based on the performance of the policy's investments. Therefore, the correct answer is b. fixed surrender value.