Which term refers to the total amount the insurance company will pay to the beneficiary upon the insured's death?

The term that refers to the total amount the insurance company will pay to the beneficiary upon the insured's death is commonly known as the face value. This amount is explicitly stated in the insurance policy and represents the death benefit, which is the core purpose of life insurance—to provide financial protection and support to the insured's beneficiaries when the insured passes away.

Face value is crucial because it assures the policyholder that their beneficiaries will receive a predetermined sum, regardless of when death occurs, as long as the policy is in force. This clarity and certainty give policyholders peace of mind regarding the financial security of their loved ones.

In contrast, the endowment value refers to the amount payable at the end of a specified term or upon death, which is different from the straightforward payout upon death. Cash surrender value is the amount the policyholder would receive if they choose to terminate the policy before its maturity, not upon death. Premium value indicates the amount of money the policyholder pays to maintain the insurance coverage but does not represent any benefit amount.