Final answer:
In the context of life insurance, variable policies are those with an investment component, which can include ordinary whole life, joint life, and universal life. The correct answer is option a.
Step-by-step explanation:
The student's question is related to the types of life insurance policies that could be offered as variable policies. In this context, the term 'variable policies' refers to life insurance policies that include an investment component, where the cash value and death benefits may fluctuate based on the performance of the investment options. To address the question of which policies could not be offered as variable policies, we look at the options provided:
- Ordinary whole life
- Joint life
- Universal life
Ordinary whole life, joint life, and universal life insurance policies can all have variable counterparts (namely variable whole life, variable universal life, etc.). However, not all types of insurance necessarily have a variable option. For example, traditional term life insurance, which is not listed among the options provided, would not have a variable policy counterpart because it does not accumulate cash value. Considering the provided choices, the correct option for a policy type that cannot be offered as a variable policy is not explicitly stated, indicating there may be some confusion in the question as presented. All listed options can indeed be offered in variable forms.