surrender

▪ I. surrender sur‧ren‧der ¹ [səˈrendə ǁ -ər] verb

1. [transitive] INSURANCE if you surrender an insurance policy, you stop it before it mature S (= becomes due for payment) and receive only a part of what it would have been worth if you had kept it:

• Many policyholders had held their annuities for years because of heavy penalties for surrendering them.

• The firm paid out $1.33 billion in the first quarter to customers surrendering insurance policies.

— compare redeem

2. [intransitive, transitive] if someone surrenders their power, influence, high position etc, they allow someone else to have it:

• Eight months after taking over the running of the business, she surrendered that authority to a man who had only just joined.

• He plans to surrender his majority ownership of the company.

3. [transitive] JOURNALISM FINANCE if shares etc surrender their value, price etc, the value, price etc falls:

• After surrendering 39% of its value in the early 1990s, the Nikkei average has moved steadily upwards.

4. [transitive] LAW to give something to an official authority when it is asked for:

• Under the Bankruptcy Code, debtors must surrender most of their assets.

• The seven men have been granted bail on condition that their passports be surrendered.

  [m0] ▪ II. surrender surrender ² noun [countable, uncountable] INSURANCE

the act of stopping an insurance policy before it mature S (= becomes due for payment):

• Last year's losses follow a flood of policy surrenders.

• Any profit arising on surrender or maturity will be taken into account.

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Ⅰ.

surrender UK US /səˈrendə^r/ verb [T]

► to give up something or control over something: »

Generally, the amount paid by the lessee to surrender the lease will be liable to capital gains tax.

»

Britain may be forced to surrender at least some of its voting power in the IMF.

surrender sth to sb »

He was granted bail, on condition that he surrender his passport to the authorities.

► INSURANCE to end an insurance policy early, before its original end date: »

Policy-holders who need to dispose of their policies can see if they would do better to sell rather than surrender the policy.

► FINANCE to lose value: »

Yesterday on the money markets the euro surrendered its earlier gains against the dollar.

Ⅱ.

surrender UK US /səˈrendə^r/ noun [C or U]

► the act of giving up something, or giving control of something to someone else: »

The penalty for early surrender of pensions remains at 25%.

»

The union was forced into a surrender of some recent gains in the latest round of negotiations.

► INSURANCE the act of ending an insurance policy early, before its original end date: »

You will have to pay a fee for the early surrender of your policy.