surrender value
- The cash amount a policyholder receives from the insurance company when they sell back their life insurance policy, applicable only to certain types of policies like whole life insurance
- When financial hardships occur, she considered obtaining the surrender value of her whole life insurance policy.
- Because Joe's policy was term life insurance, he unfortunately discovered it had no surrender value.
- Since Susan's life insurance policy was a whole life policy, she was able to get a surrender value for it when she needed additional cash.
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