Occurs when a policy owner requests termination of his/her policy with cash value The insurer pays the policy owner any cash value that the policy has built up
The delivery up of fugitives from justice by one government to another, as by a foreign state
To terminate or cancel a life insurance policy before the maturity date In the case of a cash value policy, the policyholder may exercise one of the nonforfeiture options at the time of surrender
If you surrender something you would rather keep, you give it up or let someone else have it, for example after a struggle. Nadja had to fill out forms surrendering all rights to her property Surrender is also a noun. the sixteen-day deadline for the surrender of weapons and ammunition
The voluntary cancellation of the legal liability of the company by the insured and beneficiary for a consideration (called the surrender value)
relinquish to the power of another; yield to the control of another relinquish possession or control over; "The squatters had to surrender the building after the police moved in
To yield; to render or deliver up; to give up; as, a principal surrendered by his bail, a fugitive from justice by a foreign state, or a particular estate by the tenant thereof to him in remainder or reversion
Right of the entitled person to demand that the insurer buy back, in whole or in part, an insurance policy in which the insured event will materialise with certainty, provided that premiums have been paid for at least 3 years or, in the case of a term shorter than 30 years, for at least 1/10th of the term specified in the contract
give up or agree to forego to the power or possession of another; "The last Taleban fighters finally surrendered"
[Health, Life, Pension] termination of an insurance policy that has NONFORFEITURE VALUE; distinguished from LAPSE
To give up a Whole Life policy The insurer pays the insured the cash value which the policy has built up if it is surrendered
The act of surrendering; the act of yielding, or resigning one's person, or the possession of something, into the power of another; as, the surrender of a castle to an enemy; the surrender of a right
Where you cancel an investment or policy and usually receive a reduced payout, due to the impact of charges