cash surrender value

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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WordNet
cash surrender value

noun
the amount that the insurance company will pay on a given life insurance policy if the policy is cancelled prior to the death of the insured 
WordNet® 3.0, © 2006 by Princeton University.
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