Which of the following policies allows for a partial surrender?

Variable whole life insurance does not allow for partial surrenders in the same manner as universal life. While it provides a cash value component that can grow based on investment performance, any withdrawals or loans against the policy generally require more stringent rules and may impact the death benefit differently compared to universal life.

Term life insurance is purely a death benefit policy without any cash value component. It provides coverage for a specified term but does not accumulate cash value that can be surrendered, making partial surrenders impossible under this type of policy.

Modified whole life insurance features a lower premium in the initial years, which later increases. Although it offers a cash value component, the structure of modified whole life does not typically include the flexibility for partial surrenders in the same way universal life does, limiting access to the cash value.