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If both policy loan and premiums are not paid, the outstanding loan/interest may exceed the policy’s cash value. What would the insurer do in such an eventuality?
Answer & Solution
Correct Answer:
Option
D
Foreclosure is the legal process by which a lender takes control of a property, evicts the homeowner and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage, as stipulated in the mortgage contract.
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