Dividends payable to a policyowner are:

Dividends payable to a policyowner are declared by the insurance company as a way to distribute a portion of the insurer's surplus earnings back to policyholders. These dividends are not guaranteed and can vary from year to year depending on the company's financial performance, expense management, and investment returns.

When a mutual insurance company performs well, it may declare dividends to its policyholders. This action reflects the company's profitability and its policyholders' contributions through premiums. However, it’s important to understand that not all policies offer dividends; typically, only participating policies do. Thus, dividends are contingent on the company's decisions rather than an automatic feature of all policies.

The other options present misunderstandings about how dividends function within life insurance policies. They are not included in premium payments, nor are they guaranteed in every policy, and they are not solely determined by the claims history of policyholders. Understanding this distinction enables policyowners to have realistic expectations about potential dividends in relation to their specific policies.