What term refers to a Universal Life policy being able to show interest earned, cost of insurance, and expense charges?

The term that refers to a Universal Life policy's ability to show interest earned, cost of insurance, and expense charges is indeed "unbundled life policy." This is because unbundled life policies, particularly Universal Life, provide detailed transparency in their structure. They allow policyholders to see how their premiums are allocated, what costs are deducted from the cash value, and how interest is credited.

In contrast, bundled life policies typically do not provide this level of itemization. Instead, they combine various components such as premiums, cost of insurance, and investment performance into a single figure or benefit, making it harder for policyholders to track the individual elements affecting their policy performance.

Traditional life policies generally denote permanent life insurance products that do not offer the flexible premium payments or the cash value accumulation features inherent to Universal Life. Variable life policies, while also offering investment options, do not have the same clear delineation of charges and interest as unbundled policies provide. Thus, unbundled life policies distinctly offer insight into their financial workings, which is precisely what Universal Life products aim to deliver.