cash value

noun Insurance.
the nonforfeiture value of a life-insurance policy payable to the insured in cash upon its surrender.
Also called cash surrender value, surrender value.


Origin:
1895–1900

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
Prize is non-transferrable, non-refundable and has no cash value.
These horses represented over half a million dollars cash value, which was
  entirely wiped out in a single week.
To work out whether this was money well spent, the authors surveyed the public
  to put a cash value on each crime prevented.
Yet his actual liability is limited--hence the name of the arrangement--to the
  cash value of his initial in vestment.
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