terminologies ( premium face value market value maturity value surrender value )and their meanings used in insurance
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Explanation:
face value-is the actual basic price -100
premium means above the face value-100+20=120
maturity value-the value at which it end/expire/or liquidate(converted into cash)
surrender value- the cash amount offered to the policyholder upon voluntarily 'surrender' cancellation of the contract.
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