Chip owns a $$100,000$ whole life policy which he purchased fifteen years ago. Chip has paid premiums of $$2,000$ per year for the past $15$ years, and now the policy has a cash surrender value of $$40,000.$ Over the years, the whole life policy has paid cash dividends to Chip. The cumulitive dividends paid to Chip since inception total $$5,000.$

Which statement is true?