Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Cash Surrender Value

Synonyms:early termination amount, relinquishment value
Acronyms &
Filed Under: annuities, estate-management, financial-banking, insurance, investments
Tags: insurance, life insurance

Definition of cash surrender value (CSV)

cash surrender value (CSV)
1. The total amount of money that an insurance company is contractually obligated to pay if the policyholder voluntarily cancels the policy before its maturity or an insured event occurs. The cash surrender value, also known as "cash value", "surrender value" and "policyholder's equity," refers to the savings component of permanent life insurance policies (predominantly whole life insurance policies).

Related Terms and Acronyms:

  • alternate cash surrender value (ACSV)
  • cash surrender value of life insurance (CSVLI)
  • net cash surrender value (NCSV)
  • permanent life insurance   A class of life insurance policies, which include both universal and whole life insurance, with guaranteed death benefits at the end of their terms.
  • policy loan   A loan where a life insurance policyholder's death benefit is used as collateral.
  • surrender charge   A charge levied when a life insurance policyholder cancels his or her policy.
  • surrender rights   The contractual right for a life insurance or annuity policyholder to cancel his or her policy.

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