Final answer:
Whole life insurance is the type of insurance most closely related to being owned by its policyowners due to its cash value accumulation and permanent coverage.
Step-by-step explanation:
The type of insurance that is owned by its policyowners is usually referred to as a mutual insurance company, which is not one of the specific types provided as options in the question. However, the closest match from the given choices would be whole life insurance. Whole life insurance is a form of permanent life insurance that has a death benefit and also accumulates a cash value over time, which can be used by the policyowners. Unlike term insurance, which expires after a set period, or variable life insurance and universal life insurance, which have investment components that can lead to varying cash values, whole life insurance provides steady accumulation of cash value.