Nothing is payable to the policyholder
Excess amount (subsisting cash value after deducting loan/interest) is payable
Notice has to be given to the policyholder by the insurer
None of the above
✅ The correct answer is A.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan. On foreclosure of a policy, nothing is payable to the policyholder.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan. On foreclosure of a policy, nothing is payable to the policyholder.