To give up a Whole Life policy. The insurer pays the insured the cash value which the policy has built up if it is surrendered.
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LOSSES OCCURRING BASIS
With this type of liability policy the Insurer is responsible for all losses that occur during the policy period even though they may come to light some years after the policy period has expired. Typical examples are in Employer’s Liability insurance where certain diseases in employees (e.g. asbestosis of the lungs) manifest themselves many years after the insurance policy period has passed.