Final answer:
The type of policy where the investment risk is taken by the policyowner is called a self-insured policy.
Step-by-step explanation:
The policy where the investment risk is completely taken by the policyowner is known as a self-insured policy. In this type of policy, the policyowner assumes full responsibility for any potential losses or damages that may occur. As a result, they must have the financial means to cover any claims or liabilities.