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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