The amount of cash due to an insured who surrenders Cash Value Life Insurance. Such surrender, with consequent termination of all insurance benefits, is sometimes called “cashing out” or “cashing in” a policy. See also Non-forfeiture Values.
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The right of an Insurance Company to step into the shoes of the party who they compensate, and sue any party who the compensated party could have sued as a means of recouping the loss.