Universal life insurance allows the policy owner to modify f

Universal life insurance allows the policy owner to modify:

face value of the policy and the premiums.

face value of the policy but not the premiums.

premiums but not the face value of the policy.

face value of the policy and obtain refunds of premiums already paid.

Solution

Face value of the policy and the premiums

The universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between insurance and saving components.The premiums which are variable, allowing the policy holder to make adjustment based on his incomes.