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No, it would not be considered an overpayment. Also, if you had died say in 1972 (3 yrs. after taking out pol.), the full face amt. would have been payable ($1000) & you would have paid quite a lot less than $1000 in premiums. Prems. are based on an avg. life expectancy for the age you are when the pol. is taken out + company expenses, etc. Actually, the minimum cash value is determined by a formula established by law. Also, if a person has a loan on the cash value, it is deducted + interest before paying the cash value. Some people die before their life expectancy age & some after - the ins. co. has to charge an avg. prem. taking that into consideration. Some people will pay more in prems. & some less in prems. than avg.
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