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Question: ________ means closure or writing off the policy before its actual maturity.

Options:

  1.  Fore closure
  2.  Surrender
  3.  Endorsement
  4.  Cover note

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1 Answer

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1. Foreclosure

Foreclosure means closure or writing off the policy before its actual maturity.


More information:

Foreclosure is the legal process of closing a policy due to non-paying of loan payments or interest on the loan by the due date. It is a prior termination of your policy (closure of the policy before its actual maturity).

It allows lenders to repay a loan amount in a failed loan by owning and selling secured property.

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