What is the Definition of Surrender Charge?

What is the Definition of Surrender Charge?

A charge for withdrawals from an annuity contract before a designated surrender charge period, usually from five to seven years.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Surrender Charge?

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What is the meaning of Municipal obligation bond

any security, or other instrument, including a state lease but not a lease of any other governmental entity, under which a payment obligation is created, issued by or on behalf of a governmental unit to finance a project servicing a substantial public purpose, and 1) Payable from tax revenues, but not tax allocations, within the jurisdiction of such governmental unit; 2) Payable or guaranteed by the United States of America or any agency, department or instrumentality thereof, or by a state housing agency; 3) Payable from rates or charges (but not tolls) levied or collected in respect of a non-nuclear utility project, public transportation facility (other than an airport facility) or public higher education facility; or 4) With respect to lease obligations, payable from future appropriations.

What is the meaning of Mutual Insurance Company

a privately held insurer owned by its policyholders, operated as a non-profit that may or may not be incorporated.

What is the meaning of Mutual Insurance Holding Company

a company organized as a mutual and owning a capital stock insurer or insurers for the benefit of pooling risk for many people, typically those in the same industry.

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