All of the following are characteristics of variable life insurance EXCEPT:

(a) the premium payments are flexible (fixed, not flexible w/ variable life insurance)
(b) the cash value is not guaranteed
(c) the policyowner selects where the savings reserve is invested
(d) a minimum death benefit is guaranteed, but the death benefit can be higher if the investment performance is favorable

Ans: (a) the premium payments are flexible (fixed, not flexible w/ variable life insurance)