Cash surrender value (CSV),
Definition of Cash surrender value (CSV):
Amount the holder of a life insurance policy (that has cash value) is entitled to receive, on its surrender (cancellation) before the death of the insured or before the policy matures. This sum is based on the insurance premium paid up to the surrender date less surrender fee. Also called cash value or surrender value, it may be used as a collateral for borrowing from the insurance company or a bank.
The amount payable to a person who surrenders a life insurance policy.
How to use Cash surrender value (CSV) in a sentence?
- You must know what the cash surrender value of a resource is and be able to come up with what you need to get it.
- I told him that he was entitled to the cash surrender value and he wanted me to explain every little thing to him about it.
- With their resources dwindling, due to disability and illness, the couple decided, for the good of their family, that it would be best to use their life insurance policies, not for the purpose they were bought originally, but to make use of the accrued premium payments available to them by garnering their cash surrender value .
- Because of the poor return on surrendering endowment policies, there is now a market for selling endowment policies - usually at a better price than the surrender value under the policy.
Meaning of Cash surrender value (CSV) & Cash surrender value (CSV) Definition