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.