surrender value

Surrender \Sur*ren"der\, n.
   1. The act of surrendering; the act of yielding, or resigning
      one's person, or the possession of something, into the
      power of another; as, the surrender of a castle to an
      enemy; the surrender of a right.
      [1913 Webster]

            That he may secure some liberty he makes a surrender
            in trust of the whole of it.          --Burke.
      [1913 Webster]

   2. (Law)
      (a) The yielding of a particular estate to him who has an
          immediate estate in remainder or reversion.
      (b) The giving up of a principal into lawful custody by
          his bail.
      (c) The delivery up of fugitives from justice by one
          government to another, as by a foreign state. See
          {Extradition}. --Wharton.
          [1913 Webster]

   3. (Insurance) The voluntary cancellation of the legal
      liability of the company by the insured and beneficiary
      for a consideration (called the

   {surrender value}).
      [Webster 1913 Suppl.]