Final answer:
Variable life insurance is the type of policy where the investment risk is completely taken by the policyowner.
Step-by-step explanation:
The type of policy where the investment risk is completely taken by the policyowner is Variable life insurance. Variable life insurance is a type of permanent life insurance that allows the policyowner to invest and manage the cash value portion of the policy in various investment options, such as stocks and bonds. The policyowner bears the investment risk because the value of the policy will vary depending on the performance of the investments chosen.