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.
Generally the only portion of the cash surrender value that's subject to income tax is the amount that exceeds what you paid in premiums during the time the policy was in force, though you should check with your tax adviser.