When is a policy said to be withdrawn

When is a policy said to be withdrawn?

A. On surrender of the policy in return for surrender value

B. When the premiums are not paid as and when due

C. When a policy is upgraded

D. When a policy is downgraded

Answer: Option A

Solution (By Examveda Team)

A policy is said to be withdrawn on surrender of the policy in return for surrender value.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.

When is a policy said to be withdrawn?

Solution (By Examveda Team)

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