All of the following policies and contracts are typically covered by state insurance guaranty associations, EXCEPT:

All of the following policies and contracts are typically covered by state insurance guaranty associations, EXCEPT:



a. A whole life insurance policy issued by a mutual insurer

b. A term life insurance policy issued by a stock insurer

c. An individually-owned annuity

(d.) A universal life insurance policy issued by a fraternal benefit society



Answer: D

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