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surrender value

The amount of money payable on cancellation ("surrender") of a policy with an investment element, before the benefit becomes payable (normally on death or maturity). Surrender values will depend on premiums paid and time elapsed.

surrender

The act of cancelling or cashing in the proceeds of an insurance contract before it becomes payable or reaches its maturity date for a surrender value.

statutory presumption of death

The laws in most countries provide that in the event of a person who has gone missing for a certain number of years a court order can be made to declare the person as legally dead. This is usually set as seven years. It has to be proved to the court that he or she has not been heard of by anyone including those who would naturally have heard if he or she had been alive.

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