What is a defining feature of universal life insurance?

Universal life insurance is characterized by its flexible premiums and adjustable death benefits, making option B the defining feature of this type of insurance. This flexibility allows policyholders to adjust the amount of premium payments and the death benefit amount according to their needs. This adaptability is beneficial for individuals whose financial situations may change over time, as they can increase or decrease their contributions and even modify the coverage amount based on their circumstances or goals.

In contrast, other types of life insurance, such as whole life, often require fixed premiums and provide a guaranteed death benefit, which doesn't allow for such flexibility. The option that suggests exclusivity to term coverage misrepresents universal life, as it combines features of both term and whole life insurance. Lastly, the assertion that universal life does not accumulate cash value is inaccurate; in fact, it typically does accumulate cash value, which can be accessed by the policyholder.