Under which policy provision can a policy be surrendered for its net cash value

Dividend options involve the ways in which policy dividends can be utilized, such as receiving cash, using them to purchase additional coverage, or leaving them with the insurer to accumulate with interest. These options do not directly involve surrendering the policy for its net cash value.

Settlement options refer to the methods by which beneficiaries can choose to receive policy proceeds upon the insured's death. These options allow beneficiaries to receive the death benefits in various forms, such as lump-sum payments, installments, or annuities, and are not related to surrendering the policy for cash value.

Beneficiary options pertain to the choices available to policyholders regarding the designation and conditions of their beneficiaries. Policyholders can name primary and contingent beneficiaries, determine the proportions of benefits each receives, and specify conditions for payout. These options do not involve surrendering the policy for its net cash value.