A partial surrender is allowed in which of the following life policies?

A partial surrender of a life insurance policy allows the policyholder to withdraw a portion of the cash value while keeping the policy in force. This feature is typically found in policies that accumulate cash value over time. Universal life policies are designed with flexible premiums and adjustable benefits, providing the option for policyholders to access their cash value through partial surrenders.

In the case of limited whole life and adjustable whole life policies, while they may have some cash value, the structure and flexibility usually differ from universal life policies, making partial surrenders less common or not permitted. Decreasing term life policies, on the other hand, do not build cash value at all, as they are purely death benefit policies designed to provide coverage that decreases over time. Therefore, universal life is the correct choice, as it explicitly supports the concept of partial surrenders.