surety surety1. A guarantor for the actions of someone. surfer Someone who dips into the information and other services available on the Internet with no clear objective in mind, often following the links from one site to another out of simple curiosity. surrender value The sum of money given by an insurance company to the insured on a life policy that is cancelled before it has run its full term. The amount is calculated approximately by deducting from the total value of the premiums paid any costs, administration expenses, and a charge for the life-assurance cover up to the cancellation date. There is little or no surrender value to a life policy in its early years. Not all life policies acquire a surrender value; for example, term assurance policies have no surrender value. |