WAEC - Commerce (2013 - No. 16)
Mr Biu has been paying the premium of a straight Life Assurance policy for several years. The surrender value of the policy is the amount that
would be paid to mr Biu if he should discontinue with the policy
would be paid to mr Biu's beneficiary if he dies
is paid annually by mr Biu to the insurance company
the amount mr Biu has paid plus interest