Which of the following are the premium payments for a Universal life policy NOT used for?

In a Universal Life policy, premium payments serve multiple functions, including contributing to death benefits, accumulating cash value, and covering loading costs, which are the expenses associated with the policy. However, separate account investments do not receive a portion of the premium payments in the same way.

The premium payments made by the policyholder primarily fund the insurance coverage, which involves risk assessment and benefits planning. Death benefits represent the payout to beneficiaries upon the insured's death. Cash value refers to the savings component of a Universal Life policy, which grows over time and can be accessed or borrowed against by the policyholder. Loading costs cover the administrative and operational expenses incurred by the insurance company.

In contrast, the separate account investments typically refer to investment options that policyholders can choose as part of variable life insurance contracts or similar products that allow for investment in equity markets, fixed income, or other securities. In this context, Universal Life policies may not incorporate a separate account structure for the purpose of investment in the same manner, which differentiates how these premiums are utilized. Therefore, separate account investments do not represent a function of how premium payments are allocated in Universal Life policies.