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What (who) is surrender value - definition
TYPE OF VALUE
Surrender value; Nonforfeiture value; Cash surrender value
surrender value
¦ noun the amount payable to a person who surrenders a life insurance policy.
surrender value
(surrender values)
The surrender value of a life insurance policy is the amount of money you receive if you decide that you no longer wish to continue with the policy. (BUSINESS)
N-COUNT
Cash value
Cash Value refers to an investment component in life insurance that grows tax-free over the course of the policy's life. Cash value is a part of permanent life insurance policies and is a living benefit that the policyholder can use during his or her lifetime.
Wikipedia
Cash value
Cash value refers to an investment component in life insurance that grows tax-free over the course of the policy's life. Cash value is a part of permanent life insurance policies and is a living benefit that the policyholder can use during his or her lifetime.
Examples of use of surrender value
1. Tips of the trade Once you have obtained the surrender value the next step is to contact one, or several, of the companies dealing in second–hand policies.
2. Normally, market makers insist that the policy has a surrender value of at least 3,000 and has been running for a period of five years.
3. If you do decide in favour of cashing in your policy, the first step is to ask the insurance company for a surrender value.
4. Selling on your policy might provide you with a sizeable premium above the surrender value, which is normally set at a low level because the insurance company is anxious to retain your money.
5. The ratio of premium to surrender value varies considerably according to the size of the accumulated "lock in" value, the length of the policy until maturity, and the status of the insurance company.