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What does “cash surrender value” mean?

April 26, 2017cash surrender value mean

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What does “cash surrender value” mean?

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This term refers to the amount payable to the permanent life policy owner upon surrender of the policy. It is equal to the current cash value less any surrender charges that may apply; any monthly contract charges; and any outstanding loans and accrued interest.

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• CASH SURRENDER VALUE (noun) The noun CASH SURRENDER VALUE has 1 sense: 1. the amount that the insurance company will pay on a given life insurance policy if the policy is cancelled prior to the death of the insured Familiarity information: CASH SURRENDER VALUE used as a noun is very rare.