Which one of the following statements is incorrect with regard to the 'Surrender' of the Policy?
1
Surrender-Value, that is Payable to Insured, is, Usually, a Percentage of the Premiums-Paid.
2
A Policy can be surrendered, only if, it has acquired the PaidUp Value.
3
Actual Surrender-Value, Paid to the Insured, is Always Less Than the Gross Surrender-Value.
4
Surrender-Value is Payable on Voluntary Termination of the Policy-Contract by the Insured.
5
Both 1 and 2