A partial surrender is allowed in which of the following life policies?

A partial surrender is a feature commonly associated with universal life insurance policies. This flexibility allows policyholders to access a portion of the cash value accumulated in their policy without fully withdrawing from it. Universal life is designed to combine life insurance protection with a cash value accumulation component, which can grow over time. The ability to perform a partial surrender means that the policyholder can obtain funds for emergencies or other needs while still maintaining life insurance coverage.

In contrast, whole life insurance does not typically allow for partial surrenders in the same way; instead, policyholders can take loans against the cash value. Term life policies, on the other hand, do not accumulate cash value and therefore do not offer the option for partial surrenders. Variable life insurance policies also have a cash value component but typically allow for loans or withdrawals, but the terms can vary and may not be as straightforward as those in universal life policies.

Overall, universal life insurance stands out for its clear provision for partial surrenders, making it the correct answer to the question.