Business / Taxes / Cash Surrender Value: The cash surrender value of a permanent life insurance policy is the amount you receive if you cancel or surrender your policy before you die. It’s a portion of the money that accumulates tax-deferred in your cash value account during the period you pay premiums on the policy, minus fees and expenses. Generally the only portion of the cash surrender value that’s subject to income tax is the amount that exceeds what you paid in premiums during the time the policy was in force, though you should check with your tax adviser.
Cash Noun Synonyms: money, currency, bills, notes, banknotes, change, hard cash or money, specie, coin of the realm, legal tender, moolah, dough, bread, loot, spondulicks or spondulix, lolly, ready, readies, scratch, gelt
Surrender Noun Synonyms: submission, capitulation, yielding, renunciation, relinquishment, yielding, transferral, transfer, transference, handing or turning over, conveyancing, ceding, cession, concession
Surrender Verb Synonyms: give up, yield, let go (of), relinquish, deliver (up), hand over, forgo, forsake, turn over, turn in, part with, cede, concede
Business / Taxes / Cash Value Account: If you have a permanent life insurance policy, part of each premium you pay goes into a tax-deferred account called the cash value account. You can borrow against the money that accumulates in this ac MORE
Science / Psychiatry / Overvalued Idea: a sustained preoccupation that is unreasonable given the evidence available, that is held strongly but not to a delusional degree MORE