WAEC - Insurance (2016 - No. 32)
surrender value is the amount payable if the insured
does not want to continue with the life policy
does not want to continue with car insurance
died when a policy is valid
died when a policy is not valid
Explanation
'Surrender Value' It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity, usually a whole life policy.