"Cash surrender" refers to the action of an individual or organization giving up or surrendering their life insurance policy in exchange for a cash payment. Full definition
This is essential to have a decent understanding of cash surrender value of life insurance when you purchase a whole life policy. (secureseniorlifeinsurance.com)
[x] Different ways that can be used by a contract owner by which he can apply for cash surrender value of an insurance or annuity contract due to any lapse. (ampminsure.org)
Also known as cash surrender value, cash value is the cash amount that the policy holder offers upon the cancellation of his or her insurance contract. (usacoverage.com)