The correct answer is:
C. universal life policy
Explanation:
1. A limited-payment life policy is a type of life insurance where the policyholder makes premium payments for a specific period of time, after which the policy is considered fully paid up.
2. Whole life policy is a type of permanent life insurance that provides coverage for the entire life of the insured and includes a savings component known as cash value.
3. A universal life policy is a type of flexible permanent life insurance that offers both a death benefit and a savings element. It allows the policyholder to adjust the premium and death benefit amounts over time.
