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.
The third way to access the surrender value is to actually surrender the contract in full. This means that the life insurance coverage will no longer exists, no more premiums will be due, and the amount of the cash surrender value will be sent to the owner of the contract. This allows the owner to obtain the full surrender value, but the downside is the loss of coverage.