Correct answer: A

• Variable life insurance has an investment component, so the policyholder bears the investment risk.
• Whole life insurance primarily exposes the insurer to mortality risk (not longevity risk).
• Term life insurance exposes the insurer to the risk that the insured dies during the term; it is not an inflation-risk product.
• Property-casualty insurance is not exposed to mortality risk; it is exposed to risks such as underwriting risk, catastrophe risk, and claim severity/frequency risk.

Therefore, only statement A is true.