An Insurer who enters into a contract with the Insured, agreeing to indemnify the Insured, subject to the limits of the contract, for losses incidental to a marine adventure.
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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.