Which of the following characterize(s) universal life insurance contracts? a. They are a traditional form of life insurance and have been available for generations. b. Coverage is terminated if a premium is not paid, even when the contract has a large cash value. C. The after-tax return on the investment part of the contract may be designed to be competitive with certain opportunities available with investment companies and banks. Od. All of the above. Oe. (a) and (c) only.