Final answer:
B. Single premium life is the policy considered a whole life policy as it provides a death benefit and accumulates cash value, requiring a lump sum payment upfront.
Step-by-step explanation:
The policy considered a whole life policy is B. Single premium life. Whole life insurance is a type of permanent life insurance that includes both a death benefit and a cash value component. This cash value accumulates over time and can be used by the policyholder for various purposes.
In contrast, Credit life is designed to pay off a borrower's debts upon their death, Renewable life provides the option to renew without a medical exam, and Convertible life allows policy conversion from term to whole or universal life without a medical exam. Single premium life insurance requires the policyholder to pay a lump sum upfront, which funds the policy for the entirety of the policyholder's life.