What constitutes a refund of unearned premium that is typically not guaranteed?

Policy dividends are amounts paid to policyholders as a return of a portion of the premiums they have paid, typically in participating life insurance policies. These dividends are not guaranteed, as they depend on the insurer's profitability and the performance of the insurance policies within a given year. Since dividends are based on various factors, including claims experience and administrative costs, policyholders may receive them in some years and not in others.

In contrast, the other options represent features that have more concrete expectations or guarantees. Cash surrender values are typically guaranteed in whole life policies after a certain period, making them a known amount the policyholder can receive if they choose to end their policy. Death benefits are also guaranteed by the policy, ensuring payment to beneficiaries upon the insured's death. Premium refunds refer to amounts returned to the policyholder for unearned premiums but are usually governed by specific terms and conditions, making them more likely to be assured than dividends.

In this context, policy dividends best fit the description of a refund of unearned premium that is not guaranteed, as they fluctuate based on the company’s financial performance and policyholder participation.