The correct answer is: Neither A nor B.
A special revival is a process that allows you to revive a life insurance policy that has lapsed. To be eligible for special revival, the policy must have been in force for at least two years and must have a cash surrender value. The policy must also be in good health and must not have any outstanding loans.
If you are eligible for special revival, you will need to pay a reinstatement fee and any back premiums that are owed. You will also need to provide evidence of insurability, such as a medical exam.
Once the policy is revived, it will be reinstated as if it had never lapsed. You will be able to continue making premium payments and the policy will continue to build cash value.
Here is a brief explanation of each option:
- Option A: The policy should have loan value. This is not a condition for special revival. A policy can be revived even if it does not have loan value.
- Option B: The policy must not have acquired surrender value. This is also not a condition for special revival. A policy can be revived even if it has acquired surrender value.
- Option C: Either A or B. This is not the correct answer. Neither A nor B is a condition for special revival.
- Option D: Neither A nor B. This is the correct answer.