Final answer:
The characteristic not associated with universal life insurance is a fixed premium. This type of insurance is flexible, allowing variable premiums and adjustable death benefits, differing from whole life insurance, which has a fixed premium structure.
Step-by-step explanation:
The characteristic that is NOT a feature of universal life insurance is b. Fixed premium. Universal life insurance is known for its flexibility, which includes components such as a cash account, unbundled premiums, and a flexible death benefit. The policy allows the policyholder to use the interest from the cash account to pay premiums and also provides the option to adjust the death benefit. Unlike traditional whole life policies that have a fixed premium structure, universal life insurance policies allow premiums to be adjusted based on the policyholder's circumstances and the performance of the cash account.