Final answer:
Jack owns a Limited pay life insurance policy that requires premiums for a specified period or until his death, if it occurs before the end of that period. This policy is part of cash-value insurance, which also provides a cash value account.
Option 'D' is the correct.
Step-by-step explanation:
The type of life insurance policy Jack possesses, where he pays premiums for a specified period or until he dies (assuming this occurs before the end of the specified period), is called Limited pay life insurance.
This is different from Straight life (also known as whole life) insurance, which requires premium payments for as long as the insured lives. Variable life insurance includes an investment component that can vary in value. Herbal life is not a type of insurance policy.
Cash-value (whole) life insurance policies like Limited pay life insurance often include a death benefit and a cash value account, which can be used by the insured during their lifetime.
Insurance companies have various markets for different types of insurance, each designed to protect against specific risks. These include health, car, house or renter's, and life insurance, among others.