Final answer:
An Adjustable Life policy is flexible and can combine term and whole life insurance features, but it does not typically allow for the adjustment of the face amount using policy dividends.
Step-by-step explanation:
The question revolves around the characteristics of an Adjustable Life policy. Adjustable Life policies are a type of life insurance that combines features from both term and whole life policies, offering flexibility in terms of premiums, premium payment periods, and coverage amounts.
One key property of these policies is that the face amount can be adjusted; however, the use of policy dividends to do this is not typically a feature of an Adjustable Life policy. Instead, dividends are more commonly associated with participating whole-life policies, where dividends can be used for several purposes such as purchasing additional coverage or reducing premiums. Thus, the characteristic that is not associated with an Adjustable Life policy is the adjustment of the face amount using policy dividends.