Which of the following statements is true regarding life insurance policies?

The statement about cash value policies accumulating cash over time is correct because these types of policies, which include whole life and universal life insurance, are specifically designed to build cash value that the policyholder can borrow against or withdraw in the future. This feature sets them apart from term insurance, which provides coverage for a specified period but does not accumulate any cash value.

In terms of the other statements, they either misrepresent the nature of life insurance or contain inaccuracies. For instance, the ownership rights of a life insurance policy, the need for policies to be replaced regularly, and the classification of all policies as term insurance are all incorrect in the context of how life insurance works. The fact that cash value policies do indeed grow in cash value is a crucial aspect that serves to benefit policyholders, thereby making this statement the only accurate one in the list.