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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

Cashing In or Cashing Out

These are terms for the termination (surrender) of a deferred annuity, or permanent life insurance policy, that has a cash value in exchange for a payment equal to the policy's cash surrender value. Visit our site to learn more about life policies, such as Whole Life, Interest Sensitive Whole Life and Universal Life. The cash surrender value is equal to the policy account value less any applicable surrender charges and less any outstanding policy loans including any loan interest due. A few companies may also deduct premium taxes, which may be assessed by a small number of states. Upon surrender, the policy terminates and all other policy benefits cease. See also Account Value, Accumulation Account, Actual Cash Value, Cash Surrender Value, Cash Value.

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