A policy can be surrendered only if it has acquired
A. Legal value
B. Money value
C. Policy value
D. Paid-up value
Answer: Option D
Solution(By Examveda Team)
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.Related Questions on Insurance
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