All of the following are characteristics of an Adjustable Life policy, EXCEPT:

An Adjustable Life policy is a flexible life insurance product that allows policyholders to make various adjustments based on their changing needs and circumstances. The key features of this type of policy include the ability to adjust premiums, modify the death benefit options, and accumulate cash value.

The aspect related to the face amount being adjusted using policy dividends is not accurate for Adjustable Life policies. In these types of policies, the face amount can indeed be adjusted, but not through dividends. Dividends are typically associated with participating whole life insurance policies, where they may be used to increase the cash value or purchase additional insurance, rather than affecting the base face amount.

The premium flexibility allows the policyholder to adjust premiums according to their financial situation, which shows the adaptability of the coverage. Death benefit options offer varying choices, which can also be tailored according to the policyholder’s preferences and needs. Furthermore, cash value accumulation in Adjustable Life policies is dependent on the specific investment options chosen and is not limited to a fixed rate, as it can fluctuate based on market performance or the insurer's crediting rate.

Understanding these features highlights why the option regarding adjusting the face amount using policy dividends does not align with the typical characteristics of an Adjustable Life policy.