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 account, though any outstanding balance at the time of your death reduces the death benefit your beneficiary receives. If you cancel or surrender your policy, or if you stop paying the premiums, you are entitled to receive a portion of your cash value account. That amount is your cash surrender value.
Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
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
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-deferr MORE
Business / Finance / New Account Report: A broker's document including information about a new client. See: Know your customer. MORE