Legal value
Money value
Policy value
Paid-up value
✅ The correct answer is D.
A policy can be surrendered only if it has acquired paid-up value. In case of life insurance, if you surrender a policy before the completion of its full term, you could get back a portion of the money you paid as premium, after deducting charges. This money is surrender value.
A policy can be surrendered only if it has acquired paid-up value. In case of life insurance, if you surrender a policy before the completion of its full term, you could get back a portion of the money you paid as premium, after deducting charges. This money is surrender value.