For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive
A) one-fifth of the $20,000 face value.
B) $20,000 less the premiums paid.
C) a calculated amount of money which includes the premiums paid as well as the interest on that money.
D) a calculated amount of money that must be converted to a term life insurance policy.
Answer: C
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