Q441
What is a policy withdrawal?
A.
Discontinuation of premium payment by policyholder
B.
Surrender of policy in return for acquired surrender value
AnswerC.
Policy upgrade
D.
Policy downgrade
Answer: Option B
Solution
Answer: Option B
Solution:
Policy withdrawal is Surrender of policy in return for acquired 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.