An insured purchases a non-participating whole life policy. This policy includes all of the following EXCEPT:

A non-participating whole life policy is designed to provide permanent life insurance coverage without the policyholder participating in the insurer's profits through dividends. As such, the policy will not pay dividends to the insured; this is a fundamental characteristic of non-participating policies.

On the other hand, permanent protection refers to the lifelong coverage that these policies offer, ensuring that the insured is protected for as long as premiums are paid. Cash and loan values are features of whole life insurance, allowing the policyholder to accumulate savings that can be borrowed against or redeemed upon cancellation of the policy. Finally, the premium is typically set at a level that reflects the cost of the insurance and the benefits it provides, ensuring that the premium payments remain stable over time.

Therefore, the absence of dividends in a non-participating policy clearly highlights why that choice stands out as the exception in the details of the features included with this type of insurance.