cash surrender value

Definition of "cash surrender value"
  1. The money one can receive if an insurance policy is canceled before its term or the insured event occurs
How to use "cash surrender value" in a sentence
  1. She decided to cancel her life insurance, withdrawing the cash surrender value to pay for her medical expenses.
  2. The insurance company advised him that his policy had a substantial cash surrender value.
  3. Before canceling your insurance policy, you should check your potential cash surrender value.

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