Which of the following policies allows for a partial surrender?

Modified whole life insurance policies typically offer fixed premiums and a guaranteed death benefit, but they do not allow for partial surrenders. Instead, any cash value accumulated can usually only be accessed through policy loans or full surrenders, limiting the policyholder's flexibility in managing their funds.

Variable whole life insurance combines a death benefit with a cash value that can be invested in various accounts. However, while it allows for loans against the cash value, it does not inherently feature the option for partial surrenders. Policyholders must adhere to specific guidelines for accessing funds, which can complicate the process.

Term life insurance is designed to provide coverage for a specific period and does not accumulate cash value. Therefore, it does not permit any form of surrender, including partial surrenders. Term policies focus solely on death benefit protection without investment components.