Final answer:
A variable whole life insurance policy allows policyholders to manage the asset allocation of the cash value within certain limits. The number of times a policyholder can change the allocation depends on the specific terms set by the insurance provider.
Step-by-step explanation:
A variable whole life insurance policy allows the policyholder to manage the asset allocation of the cash value within certain limits. The number of times a policyholder is allowed to change the allocation of the cash value depends on the specific terms and conditions set by the insurance provider.
Typically, insurance providers allow policyholders to make changes to their asset allocation on a quarterly, semi-annual, or annual basis. However, some providers may allow more frequent changes such as monthly or even daily. It is important for the policyholder to review their policy documents or contact their insurance provider to determine the specific frequency allowed for changing the allocation.
For example, if Z's insurance policy allows quarterly changes, Z can change the allocation of the cash value four times a year.