Which element is NOT typically included in a life insurance policy?

In a life insurance policy, investment gains are not typically included as a standard element. Life insurance policies primarily focus on providing a death benefit and may include terms related to premiums, exclusions, and beneficiary designations, but they do not generally guarantee investment gains as part of the contractual obligations.

Life insurance is fundamentally a risk management tool rather than an investment vehicle. While there are types of insurance products, such as whole life or universal life, that may have cash value components which can accumulate over time, that aspect is secondary to the primary function of providing a death benefit to the insured's beneficiaries. Thus, investment gains do not form a standard component of life insurance policies in the same way as exclusions or premium schedules do. This distinction is important for understanding the nature of life insurance as a financial product.