GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as ____
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Sum Assured
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Paid-up value
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Maturity Value
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Surrender Value
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Explanation:
Detailed explanation-1: -What is Surrender Value. Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. Description: A mid-term surrender would result in the policyholder getting a sum of what has been allocated towards savings and the earnings thereon.
Detailed explanation-2: -The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of the policy.
Detailed explanation-3: -The cash surrender value is the amount of money that a life insurance company pays out to a policy or annuity holder if they decide to end the plan.
There is 1 question to complete.