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Cash Surrender Value |
Also found in: Financial, Acronyms, Wikipedia | 0.04 sec. |
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The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses. The cash surrender value of an insurance policy is not based upon its actual value, but upon its reserve value—the face amount of the contract discounted at a specific rate of interest according to the insured's life expectancy. Not all life insurance policies have cash surrender values; the terms of the policy must so provide. |
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? References in periodicals archive |
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Policyholders can borrow against the cash value for retirement income or to pay college tuition or mortgages, leaving other savings and investments intact. Single-premium policies immediately enhance the value of an estate and have a large cash value. Instead of selling the policy back to the issuing insurance company at less than market value, or allowing the policy to lapse and forfeiting the value, life settlements can maximize the cash value for the policy owner. |
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Cash value
