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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

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What is the Definition of Surrender Charge?

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