Final answer:
The guarantee that allows the policyholder to access the cash value of the policy if they discontinue payment of premiums is known as the surrender value or cash surrender value.
Step-by-step explanation:
The guarantee that allows the policyholder to access the cash value of the policy if they discontinue payment of premiums is known as the surrender value or cash surrender value.
This means that if the policyholder can no longer afford or wishes to stop paying premiums, they have the option to surrender the policy and receive the accumulated cash value.
For example, let's say a policyholder has been paying premiums for 10 years and the cash value of their policy is $10,000. If they decide to discontinue payment, they can surrender the policy and receive that $10,000.