A policy can be surrendered only if it has acquired

The correct answer is: D. Paid-up value.

A policy can be surrendered only if it has acquired paid-up value. Paid-up value is the amount of money that an insurance company will pay if a policy is surrendered before the end of the term. The paid-up value is usually less than the face value of the policy, but it can be more if the policy has accumulated a lot of cash value.

The other options are incorrect because:

• Legal value is the amount of money that an insurance company is legally obligated to pay if a policy is surrendered. This amount is usually the face value of the policy, minus any outstanding loans or premiums.
• Money value is the amount of money that an insurance company would pay if a policy was surrendered today. This amount is usually less than the face value of the policy, because it takes into account the fact that the policy has not yet reached maturity.
• Policy value is the total amount of money that an insurance company would pay if a policy was surrendered today, including the face value of the policy, any accumulated cash value, and any dividends that have been paid.