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Life Settlement
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DEFINITION OF SURRENDER CHARGE


Typically applicable to adjustable life, indexed universal life, variable universal and whole life policies, a generally declining schedule of charges against the cash value may be imposed on the policy for a certain number of years from the policy issue date if the policy is surrendered, the death benefit is reduced, or in some instances, the surrender charge is taken into account in the monthly calculation to determine if the policy is still in force.'

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