What is payable to the policy owner if a whole life policy is surrendered prior to maturity date?

When a whole life policy is surrendered before its maturity date, the policy owner is entitled to receive the cash value of the policy. The cash value represents the savings component of the whole life policy that accumulates over time, reflecting the amount that has been set aside from the premiums paid, minus any applicable fees, costs, or outstanding loans against the policy. This cash value is available to the policyholder as it grows over the life of the policy, and it is what can be accessed upon surrendering the policy.

The other options do not reflect what is paid out upon surrendering a whole life policy. The premium amount refers to what the policyholder has paid into the policy, which is not returned in full upon surrender. The face amount, which is the death benefit of the policy, is not applicable unless the insured passes away while the policy is active. Finally, accrued interest is typically associated with different types of accounts and does not constitute a payment when a whole life policy is surrendered. Thus, the cash value is the correct and applicable benefit received upon surrender of the policy.