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url: /glossary/triggering-event.md
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## Triggering Event

Partial or full surrender: Paid to the Policyholder (as a lump sum).

Death: Paid to the designated Beneficiary (as a lump sum or as a retirement annuity if the reversion option is selected).

Retirement: Paid as a lump sum or as a life annuity.

A loan advance merely pledges the policy as collateral and has no other impact.