All of these are characteristics of an Adjustable Life policy EXCEPT

An Adjustable Life policy is designed to provide flexibility in various aspects such as premiums, death benefits, and the ability to accumulate cash value. One of the key characteristics is that policyholders can adjust their death benefits and premiums, offering a tailored approach to life insurance needs.

The accumulation of cash value is another notable feature of these policies, as they often have a savings component that grows over time, allowing policyholders to access funds under certain conditions.

However, the notion of a "fixed surrender value" is not characteristic of Adjustable Life policies. Instead, these policies typically have a variable surrender value that can fluctuate based on the policy’s cash value and any adjustments made over time. A fixed surrender value does not align with the flexible nature of Adjustable Life, making it the exception among the listed characteristics.