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Cash Surrender Value |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.03 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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A life settlement turns insurance assets into cash, giving the original policyholder an amount greater than the cash surrender value in exchange for ownership of the policy. Thirteen other states require that if the insured is not the policyowner, a dependent must be the owner of the policy for the cash surrender value to be exempt. In the rulings, the IRS held that the employee was taxable on the cash surrender value less the employee's contributions, in the year the employer transferred the policy to the employee. |
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Cash Surrender Value