IBAN is an acronym, which stands for International Bank Account Number. It is a standard way of uniquely identifying an account for the purpose of improving the efficiency and speed of cross border payments.
YES NO 6 people found this helpful. â Since they were broke they decided to look at cashing in on anythinh they could. The cash surrender value on their life insurance policy would be enough to get them through.
An Example of Cash vs. Surrender Value. Suppose you purchase a whole life insurance policy with a death benefit of $200,000. After 10 years of making consistent, on-time payments, there is $10,000 of cash value in the policy. You consult your insurance contract and see that the surrender charge after 10 years is equal to 35%.