The characteristics of a variable life insurance include ____________________:
I. Its withdrawal value and protection benefits are determined by the investment performance of the underlying assets.
II. Its protection costs are generally met by implicit charges
III. Its commission and company expenses are met by a variety of explicit charges with normally 6 months’ notice given by the life companies prior to any change
IV. Its withdrawal value is normally the value of units allocated to the policy owner calculated at the bid price