What is another name for substandard risk classification?
What is the meaning of surrender value?
The cash surrender value gradually increases over time, as payments are made into the policy or annuity. The amount of the valuation increase is the excess of payments and interest income over the cost of the life insurance portion of the package (if any).
Do you pay taxes on cashing in a life insurance policy?
What is the difference between a standard risk and a substandard risk reflected?
For example, an individual who has survived cancer may be considered a substandard risk for health or life insurance policies. It is also known as impaired risk.