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.