Cash Surrender Value

For life insurance, a cash surrender value is the cash value before adjustments for factors such as policy loans, that the owner of a permanent life insurance policy is entitled to receive, if the policy does not remain in force until the insured's death. For annuities, a cash surrender value is the amount of a deferred annuity's accumulated value, less any surrender charges, that the contract holder is entitled to receive if the policy is surrendered during its accumulation period. Also known as cash value and surrender value.