I have just started re-reading through my notes and have noticed that right at the beginning of the course it states that surrender values will usually be a non-contractual, non-guaranteed amount. Is this really true? I would have thought that payment of any surrender value (which is likely on policies that generate large reserves) would generally have the calculation of a surrender value illustrated in thge policy docs. At the very least, surely a surrender value in the case of UL policies would be guaranteed? Or am I thinking that insurers are generally kinder than they acutally are!!?
