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Nonforfeiture Cash Surrender Benefit

Definition of "Nonforfeiture cash surrender benefit"

Amount in a cash value life insurance policy that a policy owner will receive upon surrender of the policy, minus any outstanding loan and accrued interest. A table in the policy shows the amount of cash surrender values. With some policies, the insurance company reserves the right to hold the cash surrender value for six months from time of notification, but this is rarely if ever applied today.

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