The Options Available to the Policyholder Upon Termination of a Permanent

question 98

Short Answer

The options available to the policyholder upon termination of a permanent life insurance policy with accumulated cash value are called ____________________ options.

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Definitions:

Specific Accounts

Refers to accounts designated for specific purposes or transactions, distinguishing them from general or combined accounts.

Uncollectible

Refers to accounts receivable that a company has deemed to be uncollectable and is likely to write off as a bad debt.

Direct Write-off Method

A method of accounting for bad debts in which companies write off receivables when they determine they are uncollectible.

Days' Sales in Receivables

A financial metric that measures the average number of days it takes for a company to collect payments from its credit sales.