Whole life" is more complicated because it builds a cash value according to a schedule and there is both non-participating and participating.

终身人寿保险则更为复杂,因为它会按照购买计划产生现金价值,其中又分为非参与式分红保险和,参与式分红保险两种

耶鲁公开课 - 金融市场课程节选

It's not just taking what's given by the insurance company.

而不局限于保险公司的既定投资计划

耶鲁公开课 - 金融市场课程节选

The classic example--the most important example is families.

最经典也是最重要的例子是家庭保险计划

耶鲁公开课 - 金融市场课程节选