Which of the following statements regarding universal life insurance is true? Select one: a. Because they are not reported separately, elements of the policy such as interest credits, mortality charges, and death benefits are difficult to track b. Universal life allows policyowners to participate in favorable investment, mortality and expense experience of the company. insurance policies c. Annual increases in cash value are taxable due to the unique nature of the universal life contract d. Because universal life is a current-assumption policy universal life is a security and a prospectus must be provided before each sale.