cash surrender value

cash surrender value
The cash value of a life insur ance policy as ascertainable by established rules, where the policy has been abandoned and given up for cancellation to the insurer by the person having a contractual right to do so. 29 Am J Rev ed Ins § 620; the reserve, less a surrender charge. And in case of a single-premium policy, the reserve is the face amount of the contract discounted at a specified rate of interest on the basis of the insured's expected life. Guggenheim v Rasquin, 312 US 254, 85 L Ed 813, 61 S Ct 507. A life insurance policy having a cash surrender value is property within the meaning of the Bankruptcy Act provision that title to property of the bankrupt vests in the trustee in bankruptcy. 9 Am J2d Bankr § 914. In bankruptcy proceedings the term "cash surrender value" has been regarded as covering any and every insurance policy under which the insured, by his own efforts and unassisted by any beneficiary or assignee, can obtain a sum from the insurer in cash, on cancellation of the policy at the date of the filing of the petition in bankruptcy, the amount being determined in accordance with a fixed and definite method of compensation, uniform in all cases; and it is immaterial whether the amount which the insured can obtain is secured to him by statute or rests upon the mere willingness of the insurance company to purchase the policy at the particular time, the material and important fact being that at the time of the adjudication the policy has a value which the company is willing to pay and which the bankrupt by his own act can obtain. 9 Am J2d Bankr § 916.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

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