Definition of surrender value in English:
The amount payable to a person who surrenders a life insurance policy.
- Because of the poor return on surrendering endowment policies, there is now a market for selling endowment policies - usually at a better price than the surrender value under the policy.
- The assured is then paid the surrender value of the policy, which is calculated by an actuary on the basis of the amounts paid to date.
- This means that there may be a tax liability if the cash surrender value exceeds the adjusted cost base of the policy, although the donation credit will likely outweigh this.
Definition of surrender value in:
- US English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Canada
Most popular in Australia
Most popular in Malaysia
Most popular in Pakistan