surrender value

noun Insurance.

Origin:
1875–80

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
If the face value is higher, all of the cash surrender value is counted toward
  the limit.
If a policy has cash surrender value to which the client has access, the policy
  is not burial insurance it is life insurance.
The fair value of these policies is equal to the cash surrender value as
  determined by the insurance companies.
There is generally no loan value or cash surrender value on a term life
  insurance policy.
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