All of the following policies may be examples of third party ownership EXCEPT?

In the context of life insurance, third-party ownership refers to a situation where the policyholder (the person who owns the policy) is not the same as the insured (the person whose life is covered by the policy). Each of the mentioned policies can exhibit third-party ownership, except for Modified Life.

A Modified Life policy is typically structured to be owned by the insured individual, meaning the person who is covered by the life insurance policy also owns it. This contrasts with the other examples provided, where policies may be owned by someone other than the insured.

In Group Life insurance, for instance, an employer might purchase the policy for its employees. Split-dollar Life arrangements often involve a shared ownership structure where one party pays the premiums and the other is the beneficiary. Key Employee Life is another example where the business owns the policy on a key employee to financially protect against the potential loss of that employee, which also represents third-party ownership.

Thus, Modified Life policies stand out as the correct answer because they typically don’t involve third-party ownership, as the insured usually is also the policy owner.