Example: A client or producer applies this rule in a policy situation. The correct concept is Cash surrender. Cash surrender terminates the policy and pays the available cash surrender value.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Reduced paid-up. Reduced paid-up uses cash value as a single premium for a lower face amount of paid-up permanent coverage.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Extended term. Extended term generally preserves the original face amount for a limited term using the cash value.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Cash. The cash dividend option pays the declared dividend directly to the owner.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Reduce premium. The premium-reduction option uses dividends to reduce the amount the owner must pay.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Paid-up additions. Paid-up additions use dividends to purchase small amounts of additional paid-up whole life insurance.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Fixed period. Fixed-period settlement pays proceeds over a selected time period.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Fixed amount. Fixed-amount settlement pays a chosen amount at regular intervals until funds are exhausted.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Life income. Life-income settlement uses mortality assumptions to provide income for the beneficiary's lifetime.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Holds the principal and pays interest. Interest-only settlement leaves principal with the insurer while periodic interest is paid as specified.

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