The death or insolvency of any member does not affect the existence of the company.

Which characteristic of the company is highlighted in this line?

Perpetual existence

The correct answer is option 4- Perpetual existence.

The company is created by law continues to exist irrespective of the changes in its membership. A company can be terminated only through law. The death or insanity or insolvency of any member of the company in no way affects the existence of the company. Members may come and go but the company continues.