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Surrendering a Policy

K

Kunjesh Parikh

Member
Why can't surrenders take place in the final year of the policy?
 
Ordinarily, premiums will be paid in advance. Once the policyholder has paid the final premium (at the start of the final year), they won't save any money by surrendering, but will lose access to the benefits of the policy over the final year. So we assume that policyholders won't behave in this way.
 
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