Policy Cancellation
- 3 Posts
- 1 Sections
- 1 Types
An in-depth exploration of Surrender Charges—fees applied when a policyholder cancels a policy outside the free look period. Learn about applicability, calculation methods, examples, and related considerations.
Finance
Insurance
Surrender Value
Life Insurance
Policy Cancellation
Insurance Premiums
Insurance Coverage
The surrender value is the amount paid by an insurance company to the policyholder when a life insurance policy is terminated before maturity. It is calculated by deducting costs and charges from the total premiums paid.
Unearned premium represents insurance premiums that have been paid in advance for coverage that extends beyond the current period. If a policy is canceled, the insurer must refund the unearned amount.
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