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

Question

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

Options:

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

Answer 1

1. Surrender Value

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

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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.