Final answer:
Variable universal life insurance is not suitable for a policyowner who does not want to bear all the investment risk as it can fluctuate based on the performance of the invested funds.
Step-by-step explanation:
If a policyowner does not want to have all investment risk, the policy that is not an appropriate option is d. Variable universal life.
Variable universal life insurance is a type of life insurance where the cash value account is invested in a variety of separate accounts, similar to mutual funds, and the policyholder bears the investment risk. The cash value and death benefit can fluctuate depending on the performance of these investments. In contrast, whole life, universal life, and adjustable life policies provide more stable options as they often guarantee a certain death benefit and may offer a cash value component with minimum interest guarantees.