Surrender Value
/ˈsʌrɪndər ˈvæljuː/
Definitions
- (n.) The amount payable to a policyholder or beneficiary upon cancellation or early termination of an insurance policy, representing the accumulated value less any applicable fees or penalties.
The surrender value of her life insurance policy was less than the total premiums paid due to early cancellation.
Forms
- surrender value
Related terms
See also
Commentary
Surrender value is primarily used in insurance contexts and differs from the total premiums paid by considering fees and penalties for early withdrawal or cancellation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.