Which of the following is a correct statement about flexible premium adjustable life insurance?

This statement is incorrect because flexible premium adjustable life insurance specifically allows for the adjustment of premiums. Policyholders can vary their premium payments within certain limits, making it distinct from traditional whole life insurance where premiums are generally fixed.

This choice is also incorrect as flexible premium adjustable life insurance provides the option to adjust the death benefit. Policyholders can increase or decrease the death benefit amount based on their changing needs, which is a key feature of this type of policy.

This statement is false because flexible premium adjustable life insurance policies typically allow for surrendering the policy. Policyholders may choose to surrender the policy for its cash value, subject to certain conditions and fees, which contradicts the assertion that it cannot be surrendered.