Could you please explain what does mean the term "nonreducible" in the context of life insurance policy pledged to a lending institution?
Article 212 (2) (g) of CRR2 indicates that a life insurance policies pledged to a lending institution can notably be considered as an eligible credit protection if the surrender value declared by the insurer is non-reducible.
The purpose of this question is to understand what the term "non-reducible" means.
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