Final answer:
Variable Whole Life Insurance is both an insurance and securities product, with a death benefit and an investment component affected by market performance, where the policyholder assumes the investment risk.
Step-by-step explanation:
Variable Whole Life Insurance can be described as both an insurance and securities product. This type of policy not only provides a death benefit like traditional whole life insurance, which pays out to beneficiaries upon the insured's death, but also features an investment component where the cash value can fluctuate based on the performance of underlying investment options chosen by the policyholder. Unlike traditional whole life policies, the policyholder bears the investment risks as the cash value in a variable policy is not guaranteed.