On surrender of the policy in return for surrender value
When the premiums are not paid as and when due
When a policy is upgraded
When a policy is downgraded
✅ The correct answer is A.
A policy is said to be withdrawn on surrender of the policy in return for surrender value.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A policy is said to be withdrawn on surrender of the policy in return for surrender value.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.