cash surrender value

noun

Legal Definition of cash surrender value

: the amount of money an insurer will pay the insured upon surrender of a life insurance policy usually calculated as the reserve held by the insurer against the policy less a charge for surrender and any outstanding indebtedness

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“Cash surrender value.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/cash%20surrender%20value. Accessed 13 Aug. 2020.

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