On a participating whole life policy, which of the following is NOT one of the five standard dividend options offered by mutual life insurers?

Why this is the answer

Participating whole life policies issued by mutual carriers (and some participating stock policies) credit a policyowner dividend each year, representing a return of overcharged premium based on favorable mortality, expense, and investment experience. The five standard dividend options are: (1) take dividends in cash; (2) apply to reduce premium; (3) accumulate at interest with the insurer; (4) purchase paid-up additions (PUAs) — small parcels of fully paid-up whole life that increase both face and cash value; (5) purchase one-year term insurance (often the 'fifth dividend option,' frequently equal to the policy's cash value). Conversion to UL is a separate product action requiring underwriting.