[amp_mcq option1=”On surrender of the policy in return for surrender value” option2=”When the premiums are not paid as and when due” option3=”When a policy is upgraded” option4=”When a policy is downgraded” correct=”option1″]<\/p>\n
The correct answer is: A. On surrender of the policy in return for surrender value.<\/p>\n
A policy is said to be withdrawn when the insured surrenders the policy in return for a surrender value. The surrender value is the amount of money that the insurer will pay the insured if they cancel the policy. The surrender value is usually less than the total amount of premiums that have been paid into the policy.<\/p>\n
Option B is incorrect because a policy is not withdrawn when the premiums are not paid as and when due. In this case, the policy will lapse and the insured will not receive any benefits.<\/p>\n
Option C is incorrect because a policy is not withdrawn when it is upgraded. When a policy is upgraded, the insured is usually required to pay additional premiums.<\/p>\n
Option D is incorrect because a policy is not withdrawn when it is downgraded. When a policy is downgraded, the insured usually receives lower benefits.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”On surrender of the policy in return for surrender value” option2=”When the premiums are not paid as and when due” option3=”When a policy is upgraded” option4=”When a policy is downgraded” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-32362","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n