The act of giving up a whole life insurance policy. If the insured chooses to do this, the insurer pays them the cash value that has built up.
Insurance Encyclopedia
Surrender charge
1. Dollar amount deducted from an insurance policy’s reserves to obtain the policy’s cash value. 2. Fee requested from a policy owner when the owner surrenders the policy for its cash value.
Surrender Cost Index
In Bhavishya Arogya (Health Insurance coverage to start from the date of retirement or some other future date) a measure of the cost of a policy, including interest forgone, if the policy is surrendered for its premium paid value at the end of a specified period or due to death of the insured before date of inception of risk insured under the policy.
surrender cost index (SCI)
See: interest-adjusted cost .
surrender cost index (SCI) method
See: interest-adjusted net cost (IANC) method .
Surrender value
UK: cash value of a whole of life or endowment assurance policy when discontinued.
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Surrender value is the amount payable to the policy holder on his surrendering his right under a policy and terminating the contract of insurance.
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UK: The cash due when a life insured terminates his policy before maturity. The existence of a reserve makes the payment possible but due allowance is made for expenses and the cover granted. Often there is no surrender value during the first two years.
Surrogate
Court officer who administers matters of estate probate, guardianships, and adoptions.
surrogate UPIN
Originally used if no unique physician identification number (UPIN) had been assigned to the ordering/referring physician; it was temporary, except for retired physicians, and only used until an individual UPIN was assigned. UPINs have been replaced by national provider identifiers (NPIs). See national provider identifier (NPI) .
Surrounding property
Property belonging to the insured or in his custody or control except for the plant causing the damage or property being lifted.
Surveillance
Systematic collection of information that pertains to the occurrence of specific diseases, the analysis and interpretation of the data, and the dissemination of the results within government, to the public, and to other interested parties.