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The definitions contained herein are for general information only and are not designed for use in connection with the interpretation of any insurance policy or annuity policy issued through Insurance Answer Center.
Life Insurance Glossary Terms  4 A B C D E F G H I J K L M N O P Q R S T U V W Y

Cash Surrender Value

The amount of money due to a policyowner on termination (surrender) of a deferred annuity or permanent life insurance policy that has cash value is referred to as the cash surrender value. Visit our life site to learn more about permanent life insurance products such as, Whole Life, Interest Sensitive Whole Life, and Universal Life. The cash surrender value is equal to the policy account value minus any applicable surrender charges and minus any outstanding policy loans including any loan interest due. Payment of the cash surrender value terminates the policy. A few companies may also deduct premium taxes, which are assessed by a small number of states. Also known as Actual Cash Value. See also Cashing In or Cashing Out, Account Value, Accumulation Account and Cash Value. The cash surrender value is equal to the policy account value less any applicable surrender charges and less any outstanding policy loans including any interest due. Upon surrender, all other policy benefits cease. See also Account Value, Accumulation Account, Actual Cash Value, Cash Surrender Value, Cash Value, Whole Life, Interest-Sensitive Whole Life and Universal Life Insurance.

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