Final answer:
Straight life insurance requires premium payments for the duration of the insured's life and pays out the face value upon death.
Step-by-step explanation:
The type of insurance policy that requires the payment of premiums throughout the life of the insured and pays the beneficiary the face value of the policy upon the insured's death is known as c. Straight life insurance, also referred to as traditional whole life insurance. This form of policy provides both a death benefit and has a cash value, which is an accumulated amount that can serve as an account for the policyholder's use. Unlike term life insurance, which is set for a specific duration, or universal or limited-pay life insurances that have more flexible payment structures, straight life insurance maintains consistent premium payments throughout the policyholder's life, and is designed to last until the policyholder's death.