Final answer:
Target premium in a universal life policy is the essential amount to sustain the policy and achieve cash value.
Explanation:
Target premium in a universal life policy is the amount needed to cover the insurance costs and provide for the cash value and death benefit. It is the minimum premium required to keep the policy in force and achieve the desired cash value accumulation. If the policyholder pays only the target premium, the policy might not offer the same benefits as if they paid more.
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