Not holding on to beliefs, concepts, systems, structures, wants, or expectations Back to Top
A voluntary termination of a policy where the cash surrender value is paid to the policy owner, and the insurer is no longer obligated to pay a death benefit
A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease
If you surrender, you stop fighting or resisting someone and agree that you have been beaten. General Martin Bonnet called on the rebels to surrender She surrendered to the police in London last December. Surrender is also a noun. the government's apparent surrender to demands made by the religious militants
To terminate or cancel a life insurance policy before the maturity date In the case of a cash value policy, the policyholder may exercise one of the nonforfeiture options at the time of surrender
If you surrender something you would rather keep, you give it up or let someone else have it, for example after a struggle. Nadja had to fill out forms surrendering all rights to her property Surrender is also a noun. the sixteen-day deadline for the surrender of weapons and ammunition
The voluntary cancellation of the legal liability of the company by the insured and beneficiary for a consideration (called the surrender value)
relinquish to the power of another; yield to the control of another relinquish possession or control over; "The squatters had to surrender the building after the police moved in
To yield; to render or deliver up; to give up; as, a principal surrendered by his bail, a fugitive from justice by a foreign state, or a particular estate by the tenant thereof to him in remainder or reversion
Right of the entitled person to demand that the insurer buy back, in whole or in part, an insurance policy in which the insured event will materialise with certainty, provided that premiums have been paid for at least 3 years or, in the case of a term shorter than 30 years, for at least 1/10th of the term specified in the contract
[Health, Life, Pension] termination of an insurance policy that has NONFORFEITURE VALUE; distinguished from LAPSE
relinquish possession or control over; "The squatters had to surrender the building after the police moved in"
To give up a Whole Life policy The insurer pays the insured the cash value which the policy has built up if it is surrendered
cancelling or giving up a policy to the insurance company in return for the cash surrender value or other nonforfeiture values
The policy owner decides to terminate his or her policy in exchange for the cash value of the policy By surrendering the policy, the insured(s) are no longer covered under the policy and there is no further obligation on the part of the insurance company to pay a death benefit In addition, there may be surrender charges in accordance with the terms of the contract Partial surrenders may also be allowed; this would reduce the cash value of death benefit due
the delivery of a principal into lawful custody give up or agree to forego to the power or possession of another; "The last Taleban fighters finally surrendered"
(Also known as relinquishment) The voluntary termination of parental rights by a birthparent
Giving up leasehold rights by a tenant in exchange for a release from future obligations under a lease
To give up possession of; to yield; to resign; as, to surrender a right, privilege, or advantage
A fee levied on a life insurance policyholder upon cancellation of his or her life insurance policy. The fee is used to cover the costs of keeping the insurance policy on the insurance provider's books, surrender fee
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