The correct answer is B. Maturity/death.
Terminal bonus is a type of bonus that is paid out at the end of a policy term, either upon maturity or death. It is typically calculated as a percentage of the policy’s total value, and can be a significant amount of money.
Surrender is the act of terminating a life insurance policy before it reaches maturity. When a policy is surrendered, the policyholder typically receives a portion of the policy’s cash value, but this amount is usually less than the policy’s total value.
A loan is a type of borrowing arrangement in which the borrower receives a sum of money from the lender and agrees to repay the loan, plus interest, over a specified period of time. Life insurance policies can be used as collateral for loans, but this can have a negative impact on the policy’s cash value and death benefit.
In conclusion, terminal bonus is payable at the time of maturity or death. It is not payable at the time of surrender or loan.