Final answer:
A Fixed surrender value is not a characteristic of universal life insurance policies, which instead feature flexible premiums, flexible death benefits, and the ability to build cash value.
Step-by-step explanation:
The characteristic that is not typically associated with a universal life insurance policy is a Fixed surrender value. Universal life insurance policies are known for their flexible premiums and flexible death benefits, as well as the ability to build cash value over time. Unlike the more rigid structure of traditional whole life policies, universal life insurance allows policyholders to adjust their premiums and death benefits to suit changing needs. The cash value component of the policy can accumulate on a tax-deferred basis and be used for various purposes, but the surrender value is often not fixed and can vary based on the cash value and other factors.