An insurance contract is also a legally binding contract, and the law will protect the interests of both parties.
It is a breach of contract to terminate the contract before the termination date agreed in the contract. If you default, you can only get cash value.
Extended data
Surrender is a headache for insurance companies and agents. What is more troublesome is that insurance companies usually deduct a valuable surrender money from the surrender money returned to the insured. Customers are generally dissatisfied with this, and even think that insurance companies are commercial frauds, and take it out on more innocent insurance agents.
At this time, if the agent can't give a "why" to explain the reason for collecting the refund premium, it is likely to make the agent pay a huge price and destroy the friendly relationship established between customers.
In fact, it is very normal to deduct a certain amount of surrender premium from the surrender premium, which is an international practice and conforms to the actuarial principle, so there are no exceptions at home and abroad, except that the insurance knowledge of China people is not as popular as that of developed countries, and people cannot understand and accept the surrender premium.
The popularization of insurance knowledge and the cultivation of insurance awareness need a process and the joint efforts of insurance practitioners.
From the actuarial point of view, there are at least eight factors that an insurance company needs to collect the surrender money from the insured who cancels the contract to make up for the losses that may be brought to the insurance company by the customer's surrender.
References:
? Baidu encyclopedia-surrender