Are you looking for the correct answer to the question “When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount”? If that’s the case, you don’t have to worry anymore. AzAnswer team is here with the right answer to your question. Please check below to know the answer.
When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount
Options
a) The same as the original policy minus the cash value.
b) Equal to the original policy for as long a period of time that the cash values will purchase.
c) In lesser amounts for the remaining policy term of age 100.
d) Equal to the cash value surrendered from the policy.
Answer: b) Equal to the original policy for as long a period of time that the cash values will purchase.
The above question When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.
