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The cash value of a variable life insurance policy is affected by which of the following factors?
Correct Answer: C
Step by Step Explanation: * Variable Life Insurance: The cash value depends on the performance of the underlying investment options. * Fluctuating Market Conditions: Since the cash value is linked to market performance, fluctuations directly impact its value. * Beneficiary/Death Benefit Changes: These do not directly impact the cash value unless they involve additional costs or changes to premiums. References: * SEC Bulletin on Variable Life Insurance: SEC Variable Insurance.