Which of the following policies typically allows for partial surrenders?

A universal life policy typically allows for partial surrenders. This flexibility is a key feature of universal life insurance, as it is designed to offer policyholders a combination of life insurance protection and the ability to save and grow cash value over time. With this type of policy, the insured can access the accumulated cash value through partial surrenders without necessarily terminating the policy. This can be beneficial in managing cash flow needs, allowing the policyholder to withdraw funds while still maintaining a level of life insurance coverage.

In contrast, whole life policies may allow for loans against the cash value but do not typically allow partial surrenders in the same straightforward manner. Term life policies are focused strictly on providing a death benefit for a specific term and do not accumulate cash value, therefore, they cannot offer any kind of surrender options. Fixed life policies refer to a category that may not inherently allow for the kind of flexibility seen in universal life.