Final answer:
The policy that has fixed and level premiums is Universal life insurance.
Step-by-step explanation:
Out of the options given, the policy that has premiums that are fixed and level is the Universal life policy. Universal life insurance is a type of permanent life insurance that offers flexibility in premiums and death benefits. It allows policyholders to adjust their premium payments to suit their financial situation, but once the premiums are set, they remain fixed and level for the duration of the policy.