A permanent life insurance policy where the policy owner pays premiums for a specified number of years is called a(n)?

A permanent life insurance policy where the policy owner pays premiums for a specified number of years is indeed referred to as a limited pay policy. This type of policy allows the policyholder to pay premiums for a predetermined duration—such as 10, 15, or 20 years—after which the policy is fully paid up. This means that no further premiums are required, yet the policy remains in force for the lifetime of the insured, provided the policy is maintained.

Limited pay policies are particularly attractive for individuals who prefer to have their premium obligations fulfilled in a shorter time frame while still enjoying the benefits of permanent life insurance, such as cash value accumulation and coverage for life.

The other choices represent different types of policies with varying premium structures and benefits. For instance, adjustable policies may allow for flexible premium payment amounts and may adjust the death benefit, while variable universal policies provide investment options within the policy but do not specifically limit the payment term. Level term policies offer coverage for a specified term with fixed premium payments, but they do not build cash value and are temporary in nature.