All of the following statements describe the flexibility available to the owner of a universal life policy EXCEPT: the death benefit can be increased without evidence of insurability partial withdrawals from the cash value are permitted without interest charges premium payments can vary from month to month provided there is sufficient cash value to keep the policy in force the frequency of the premium payments can be varied Which of the following statements regarding universal life insurance death benefits is true? the policyowner can change from Option A to Option B only with evidence of insurability under Option B, the death benefit is guaranteed to increase each year under Option B, the amount of term insurance purchased each month increases under Option A, the amount of term insurance purchased each month remains level (constant) Which of the following statements about a variable universal life insurance policy is true? 1. There is no minimum guaranteed cash value. II. Investment returns are offset by relatively high expense charges. I only neither I nor II Oll only both I and