surrender
verb [ T ]
uk/səˈrendər/ usto give up something or control over something:
Generally, the amount paid by the lessee to surrender the lease will be liable to capital gains tax.
Britain may be forced to surrender at least some of its voting power in the IMF.
surrender sth to sb He was granted bail, on condition that he surrender his passport to the authorities.
INSURANCE
to end an insurance policy early, before its original end date:
Policy-holders who need to dispose of their policies can see if they would do better to sell rather than surrender the policy.
FINANCE
to lose value:
Yesterday on the money markets the euro surrendered its earlier gains against the dollar.
surrender
noun [ C or U ]
uk/səˈrendər/ usthe act of giving up something, or giving control of something to someone else:
The penalty for early surrender of pensions remains at 25%.
The union was forced into a surrender of some recent gains in the latest round of negotiations.
INSURANCE
the act of ending an insurance policy early, before its original end date:
You will have to pay a fee for the early surrender of your policy.