Which of the following describe differences between variable and universal variable life insurance?
I. Variable life insurance has a minimum guaranteed death benefit, whereas universal variable life insurance does not.
II. Universal variable life insurance typically provides a higher death benefit than variable life insurance.
III. Variable life insurance provides no inflation protection for the death benefit, whereas universal variable life insurance does.
IV. Variable life insurance requires scheduled premium payments, whereas universal variable life insurance permits flexible premium payments.
A) I and II.
B) II and III.
C) III and IV.
D) I and IV.
Answer: D) I and IV.