surrender penalty

surrender penalty
surrender penalty surrender penalty penalty

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surrender penalty UK US noun [C] (also surrender charge)
INSURANCE a charge made by an insurance company for ending an insurance policy early, before its original end date: »

The company will levy a surrender penalty, which is 3% of the premiums paid for a plan that has run for six years.

»

If the policy is less than 10 years old, there may be substantial surrender charges.


Financial and business terms. 2012.

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