Exam term

Cash surrender benefit

The cash a deferred annuity must offer in place of the paid-up annuity if it allows lump-sum settlement. The insurer may defer paying it up to six months after demand.

Lessons that use this term

New York required annuity contract provisions (Ins. Law 3219, 4220, 4223) New York
Deferred annuity surrender and withdrawal charges, nonforfeiture, and death benefits New York