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3 Cards in this Set
- Front
- Back
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Cash surrender |
The policy owner simply surrender the policy for the current cash value at the time when coverage is no longer needed or affordable |
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Extended term |
The insurer uses policy cash value to term insurance for the same face amount as the former permanent policy |
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Reduced paid-up |
The police cash value is issued by the insured as a single premium to purchase a completely paid up permanent policy that has reduced face amount from that of the former policy |
