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surrender value is the amount payable if the insured

Insurance
WAEC 2016

surrender value is the amount payable if the insured

  • A. does not want to continue with the life policy
  • B. does not want to continue with car insurance
  • C. died when a policy is valid
  • D. died when a policy is not valid
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Correct Answer: Option A
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.

 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free