surrender value

Definition of "surrender value"
  1. 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
How to use "surrender value" in a sentence
  1. When financial hardships occur, she considered obtaining the surrender value of her whole life insurance policy.
  2. Because Joe's policy was term life insurance, he unfortunately discovered it had no surrender value.
  3. 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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