An agent explains that Policy A has fixed scheduled premiums while Policy B allows flexible premium payments — both invest in separate-account sub-accounts. Which policy types are being described?

Why this is the answer

Both Variable Life (VL) and Variable Universal Life (VUL) invest in separate-account sub-accounts, so performance varies. The key distinguishing feature is premium structure: VL retains the rigid fixed-premium chassis of whole life, while VUL grafts UL's flexible premium design onto the variable separate-account platform. With VUL, the policyowner can increase, decrease, or skip premiums (within limits) and also choose sub-accounts. Both require a FINRA securities license in addition to a state insurance license. TX Outline §I.B lists both under interest/market-sensitive products. See TX Outline §I.B.