Final answer:
The largest class of life insurance in terms of total amount of protection in force is cash-value (whole) life insurance. It provides both a death benefit and an accumulating cash value for the policyholder.
Step-by-step explanation:
Measured in terms of the total amount of protection in force, the largest class of life insurance is cash-value (whole) life insurance. Cash-value life insurance not only provides a death benefit to beneficiaries upon the insured individual's death but also accumulates a cash value over time that the policyholder can use during their lifetime. This type of policy is structured to ensure that over time, the average person's payments into the insurance plan will cover their future claims, the costs of operating the insurance company, and provide a profit for the firm. Considering factors like investment income earned on reserves, administrative costs, and varying risk groups, cash-value life insurance remains a prominent and vital segment of the life insurance market.