A policy with separate accounts and no guaranteed cash values is:

A policy with separate accounts and no guaranteed cash values is characteristic of Variable Life insurance. This type of policy allows the policyholder to allocate a portion of the premium to different investment options, typically mutual fund-like accounts. Because of this investment component, the cash value and death benefit can fluctuate based on the performance of the chosen investments.

In Variable Life insurance, the absence of guaranteed cash values is a significant feature. Unlike Whole Life insurance, which guarantees a cash value accumulation, or Universal Life insurance, which offers flexible premiums and death benefits with some guarantees, Variable Life offers no such guarantees regarding cash values. This means the policyholder takes on more investment risk, as the eventual cash value and overall policy value will depend entirely on the market performance of the separate accounts they choose.

Joint Life insurance, on the other hand, is designed for two individuals and typically provides a death benefit when the first insured dies, without the investment considerations inherent in Variable Life policies.

Thus, the defining elements of separate accounts and the lack of guaranteed cash values firmly categorize this policy as Variable Life insurance.