Life income option with a refund that specifies proceeds remaining on the death of the beneficiary will be paid in a lump sum to the contingent payee.

Amount of money (cash) in a life insurance policy (usually whole life) that is adjusted for factors such as policy loans or late premiums that the policyholder will receive if the policyholder cancels the coverage or surrenders the policy to the insurance company. See cash value. Also called net cash value.
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This is the cash value section of an ordinary life insurance policy. If the insured ceases to pay the premiums, he or she can take the cash value in a lump sum. (See Ordinary Life Insurance).

Nonforfeiture option in a life insurance policy that states if a policyholder discontinues premium payments, he or she can surrender the policy and receive the policy’s cash surrender value. Also see cash value.

1. Amount of money in a life insurance policy before adjustment for factors such as policy loans or late premiums that the policyholder will receive if the policyholder allows the policy to lapse or cancels the coverage and surrenders the policy to the insurance company. This feature is usually in whole life and universal life policies. Also called inside build-up and policy owner’s equity. 2. Amount available in cash on surrender or voluntary termination of a policy by its owner before it becomes payable by death or maturity. Also called cash surrender value option.

Type of defined benefit plan in which each person participating has an account that is credited with amounts that reflect the employer’s contributions and reflect investment interest. The balance in the account is called the participant’s accrued benefit. When the participant retires, he or she may receive the full account balance in a lump sum if the benefits are fully vested or may use the account balance to purchase an annuity.