This account value is subject to a large surrender charge with the difference between them being a policy's cash surrender value.

FORBES: Magazine Article

This account value is reduced by a surrender value factor that has a significant limitation in establishing its safe harbor value.

FORBES: Putting A Value On Your Life Insurance Policy

The latter collateral will come into play only where the cash surrender value of the policy is insufficient to meet the debt obligation.

FORBES: Nothing is for Free, Especially Not Life Insurance

It also compares the current "surrender value" of your endowment policy with the amount you would have paid off by now with a repayment mortgage.

BBC: NEWS | Business | Ask the expert special: Endowments

Writing 18 years ago in this magazine, he outlined all the things you have to think about in evaluating any product with an investment flavor, which is to say any that has a cash surrender value.

FORBES: Making Life Complicated

The account value dramatically overstates a policy's intrinsic value but these new regs severely limit factoring in the interplay of surrender charges, and this is why they often overstate a policy's market value.

FORBES: Putting A Value On Your Life Insurance Policy

And it is therefore tricky for the Treasury to surrender to the household sector an asset equivalent in value to around 5% of GDP.

BBC: Bank casino capitalism for all