Which of the following best describes the difference between a variable life policy and a universal life policy?
a. Variable life has a variable death benefit and universal life has a fixed death benefit.
b. Variable life subaccounts do not guarantee market returns, while universal life contracts contain a guaranteed rate.
c. Universal life has guaranteed mortality charges, while variable life has nonguaranteed mortality charges.
d. Variable life contracts do not guarantee market returns, while the market interest rates in universal life contracts are guaranteed?