Under a multiple protection policy, the policy that pays on the death of the last person is called

A universal life policy is a type of permanent life insurance that offers flexible premiums and a cash value component. However, it does not specifically cater to the scenario where the death benefit is paid only after the last insured's death; rather, it provides coverage for individual lives as long as premiums are paid.

A joint life policy provides coverage for two individuals, but it pays out upon the death of the first insured person. This means that once one party passes away, the policy terminates and no further benefits are paid, which differs significantly from the survivorship policy's provisions.

An annuity life policy is a financial product designed to provide regular payments to the policyholder, typically after retirement, rather than providing a death benefit. It does not relate to death payouts and is primarily focused on income generation during the policyholder's lifetime.