surrender value

Definition

The amount available in cash upon cancellation of an insurance policy, usually a whole life policy, before it becomes payable upon death or maturity. also called cash surrender value or cash value.

Use surrender value in a sentence

The surrender value was very low and we all thought that it was something that we needed to fix before we continued.

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When John and Susan received their policy statement they noticed the surrender value amount listed on their life insurance policy.

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When our children reached adulthood we made the decision to cancel our whole life policy and received a payment of the surrender value as provided for within the policy.

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