cash-surrender value
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 312 U.S. 254 - Guggenheim v. Rasquin · 1941Most cited · 318 citing opinions
Cash-surrender value is the reserve less a surrender charge. And in case of a single-premium policy the reserve is the face amount of the contract discounted at a specified rate of interest on the basis of the insured's expected life.