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.
Depending on the age of the policy, the cash surrender value can be less than the actual cash value. In the early years of a policy, the life insurance company may deduct expenses upon cash surrender. Depending on the type of policy, the cash value is available to the policyholder during his lifetime. However, surrendering a portion of the cash value reduces the amount of the death benefit.