Final answer:
In a life insurance policy, the part that is guaranteed to be true is called a warranty, which is different from representations, exclusions, and waivers.
Step-by-step explanation:
The correct answer to the question regarding the part of a life insurance policy that is guaranteed to be true is a warranty. A warranty in the context of insurance is a statement that guarantees the truth of certain facts concerning the policy. Unlike a representation, which is a statement believed to be true to the best of one's knowledge, a warranty must be exactly true and may void the contract if found otherwise. Exclusions are specific conditions or circumstances that are not covered by the insurance policy, while a waiver is a voluntary surrender of a known right.