Exam term
Surrender charge
A declining percentage penalty, often starting near 7 percent and falling to zero, deducted when money is taken out early. It lets the insurer recover acquisition costs such as the producer's commission.
Lessons that use this term
- Replacement notice requirements and penalties California
- Annuity premium and timing structures Florida
- Replacement and point-of-sale disclosures (HIPAA, HIV consent) Florida
- Policy or contract replacement duties Florida
- Deferred annuity surrender and withdrawal charges, nonforfeiture, and death benefits New York