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Question: Which of the following terms matches closest with ‘Foreclosure’?

Options:

  1.  Surrender Value
  2.  Nominee
  3.  Death Claim
  4.  Maturity Claims
  5.  Bonus

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1 Answer

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1. Surrender Value

'Surrender Value' is the term that matches closest with ‘Foreclosure’ from the above given options.


More:

Foreclosure is an action of closing the policy due to default in payment of outstanding loan and/or loan interest on due date.

Surrender Value is the minimum guaranteed amount of Surrender Value payable to the policyholder on surrender of the policy.

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