When a whole life policy lapses or is surrendered prior to maturity the cash value can be used to?

When a whole life policy lapses or is surrendered prior to maturity the cash value can be used to?

When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used by the insurer as a single premium to purchase a completely paid up permanent policy that has a reduced face amount from that of the former policy.