Cash surrender value is the amount paid when the policy is surrendered. It is typically equal to:

Cash surrender value is the amount paid when the policy is surrendered. It is typically equal to:

• A. Paid only at death and equals the face amount
• B. Paid as a portion of refunds
• C. The amount available if the policy lapses with no surrender charges
• D. Cash value minus surrender charges when surrendered

Answer: (D)