Surrender

{
  "id": "MLC-T-INS-003257",
  "term": "Surrender",
  "field": "Insurance and risk management",
  "definition": "The act of terminating a life insurance policy or annuity contract before its maturity date in exchange for its cash value. When a policy is surrendered, the policyholder gives up all rights and benefits under the contract. A surrender charge may be applied, reducing the amount of cash received, especially in the early years of the policy.",
  "url": "https://mlchart.com/terminology/insurance/surrender/"
}