| Mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, Thomas was not able to pay the premium in the last 3 months. |
A. premium return
B. reinstatement return
C. terminal claim
D. surrender value
Correct Answer: Option D
D. surrender value
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.
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