What is "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.

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

2. (Law)

   1. The yielding of a particular estate to him who has an immediate estate in remainder or reversion.

   2. The giving up of a principal into lawful custody by his bail.

   3. The delivery up of fugitives from justice by one government to another, as by a foreign state. See Extradition.
      --Wharton.

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

   surrender value).