In a life insurance policy, if the insured wishes to surrender the policy in order to collect the cash value of the policy, the cash surrender value is the amount the insured is entitled to, as stated in the policy, based upon time in the policy, limits and payments. The amount of cash the insured will receive may be reduced by a surrender fee, any outstanding loans, and applicable interest.
The amount that the policyowner is entitled to upon surrendering a cash value life insurance policy. The amount is determined by taking the account value of the policy and deducting any surrender charge or any outstanding policy loan and interest thereon. Also see nonforfeiture provision and Life Product Comparison.
Cash surrender value is the total amount of money that will be refunded to you in the event that you choose to cancel your life insurance policy. Cash surrender value can vary greatly from life insurance policy to life insurance policy.
The amount of money adjusted for factors such as policy loans or late premiums, that the policy owner will receive if the policy owner cancels the coverage and surrenders the policy to the insurance company.
This is the amount of money you can receive from the insurance company if you surrender (cancel) your cash value life insurance policy. There may be surrender charges and/or fees or policy debt deducted from the policy's actual cash value.
The value a policyowner receives upon termination of a permanent life insurance policy for any reason other than death of the insured. The cash surrender value of a life insurance contract is equal to the cash value less any surrender charge imposed by the insurance company. Cash surrender values are typically not available during the first year or two of the policy's life. Usually, the policyowner is allowed to take the cash surrender value in the form of cash, a reduced amount of paid-up life insurance, or extended term life protection.
An amount of money received if a policyholder surrenders an insurance policy. In the case of car policies this is usually zero, though some insurers refund some of the premium if a policy is cancelled early.
The sum of money due to the insured when the insured surrenders a life insurance policy with cash value. This value is calculated by taking the total cash value minus any surrender charges and/or outstanding loans (and accrued interest).
It refers to an amount of money received by a policyholder when he surrenders an insurance policy. For most car insurance policies this is zero, though some insurers refund some of the premium if a policy is cancelled early.
(1) In a life insurance certificate, the amount of money, adjusted for factors such as accumulated loans and accumulated liens, that the certificate owner would receive upon cancellation and surrender of his or her certificate. This is also called the net cash value. (2) In an annuity, the amount, if any, that the certificate owner will receive at the surrender of an annuity. For a deferred annuity, this amount would equal the accumulation value less any surrender charges, accumulated loans, accumulated liens, and late premiums.
The amount that an insurance policyholder is entitled to receive when he or she discontinues coverage. Policyholders are usually able to borrow against the surrender value of a policy from the insurance company. Loans that are not repaid will reduce the policy's death benefit.
The amount that a contract holder will receive if he/she surrenders a deferred annuity policy. This amount is equal to the accumulated value of the annuity less any surrender charges specified in the policy.
The amount of cash due an insured who surrenders Cash Value Life Insurance. Such surrender, with consequent termination of all insurance benefits, is sometimes called "cashing out" or "cashing in" a policy. See also Nonforfeiture Values.
The amount available to the policyholder if a cash value life insurance policy is surrendered (canceled). The cash surrender value is actually the cash value of the policy, minus any surrender charges imposed by the insurer and any policy loans and interest that were outstanding when the policy was canceled.
The amount of money you may be entitled to receive from the insurance company when you terminate a life insurance or annuity policy. The amount of cash value will be determined as stated in the policy.
The actual cash value that the policy owner would receive in the event a policy is surrendered. In a whole life policy, the surrender value is typically equal to the cash value less the surrender charge if applicable. The surrender value may be less in indeterminate premium policies, depending on how long the policy was in force before surrender.
The amount that is available to the owner if a life insurance policy is surrendered. The amount represents the cash value minus surrender charges and any outstanding loans due upon cancellation of the policy.
When an insured wishes to cancel a life insurance policy before the full term, the policy may have a cash value which is stipulated in the policy. The longer the policy is in force, the higher the cash value is likely to be. It is a sum paid back by the life insurance company to the insured when an insured requests the termination of the policy.
(1) In a life insurance policy, the amount of money, adjusted for factors such as policy loans or late premiums, that the policyowner will receive if the policyowner cancels the coverage and surrenders the policy to the insurance company. Also called the net cash value. Compare to cash value. (2) In an annuity, the amount that a contractowner will receive if he surrenders a deferred annuity. This amount is equal to the accumulated value of the annuity less any surrender charges specified in the policy.
The amount that is available in cash for loans and that may be available for withdrawals. Accessing Cash Surrender Value may reduce the death benefit and may increase the risk of lapse. Please note that the cash value only pertains to permanent life insurance and not term life insurance.