Question

What is Surrender Value?

a.

The premium amount refunded to the policyholder upon cancellation

b.

The amount payable in case of policy discontinuance according to policy terms

c.

The benefit payable on maturity of the policy

d.

The benefit payable upon death of the life assured

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).The amount payable in case of policy discontinuance according to policy terms Explanation:Surrender Value refers to an amount, if any, that becomes payable in case of surrender in accordance with the terms and conditions of the policy.

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