Surrender Value - Law Dictionary Search Results
Home Dictionary Name: surrender valuesurrender value
surrender value : cash surrender value ...
cash surrender value
cash surrender value : the amount of money an insurer will pay the insured upon surrender of a life insurance policy usually calculated as the reserve held by the insurer against the policy less a charge for surrender and any outstanding indebtedness ...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
Surrender
Surrender [fr. sursum redditio], an assurance restor-ing or yielding up an estate, the operative verbs being 'surrender and yield up.' The term is usually applied to the giving up of a lease before the expiration of it: it generally means the giving up of a lesser estate to a greater; a release is the giving up of a greater to a less interest, enlarging the latter.The effect of a surrender is to pass and merge the estate of the surrender or to, and into, that of the surrenderee.By the combined operation of s. 3 of the Statute of Frauds, and the (English) Real Property Act, 1845, s. 3, now replaced by ss. 51 to 55 of the (English) Law of Property Act 1925, every express surrender must be in writing, and every express surrender of a more than three years' term must be by deed. As to surrenders of leases by mortgagors or mortgagees, in possession, see s. 100, (English) L.P. Act, 1925. But there may be an implied surrender or, as it is called in the Statute of Frauds, a surrender 'by act a...
Surrender of copyholds
Surrender of copyholds. The following note affects the title to copyholds, as it existed before their abolition by the (English) Law of Property Act, 1922. Copyholds were not, as a general rule, alien-able by any of the Common Law assurances. A surrender (which is vocabulum artis) is the yielding up of a legal tenancy in a copyhold estate, either by express words or operation of law, by the tenant after admittance, or by his lawful appointed attorney, either in or out of Court, to the lord of the manor in person, his chief steward, or under-steward; or, by special custom, to the bailiff, beadle, or reeve, or to certain tenants of the manor, either as a relinquishment or resignation of such estate, or as the medium of conveying or transferring it to another. Surrenders were made in various forms-in some manors by a rod, in others by a straw, in others by a glove, or some other symbol, which is delivered by the surrenderor to the steward or other person taking the surrender in the name o...
Surrender of the demised estate
Surrender of the demised estate, means yielding up of the estate to the landlord, so that the leasehold interest becomes extinct by mutual agreement between the parties or by operation of law. It does not involve alienation of an estate. Under a surrender, the landlord resumes possession of the property without opposition from the tenant. The term 'surrender' is well-known to law and generally distinguished from abandonment which is another term that does not involve transfer, Mubarak Husain v. Custodian-General of Evacuee Property, New Delhi, AIR 1957 Punj 197....
surrender
surrender 1 a : to yield to the control or possession of another [ the leased premises] [ collateral to a creditor] b : to give up completely or agree to forgo c : to cancel (one's insurance policy) voluntarily 2 : to give over to the custody of the law [ a defendant] vi : to give oneself up n : an act or instance of surrendering [discharge an obligor by of a promissory note] ;esp : the yielding of an estate by a tenant to the landlord so that the leasehold interest is extinguished by mutual agreement ...
Value
Value, a relative term. The value of a thing may refer to a certain standard with which the thing can be measured or compared. The factors of comparison should be capable of precise definition.The word 'value,' when used without adjunct, always means in political economy, value in exchange; or, as it has been called by Adam Smith and his successors, exchangeable value, a phrase which no amount of authority that can be quoted for it can make other than bad English. Mr. De Quincey substitutes the term 'exchange value,' which is unexceptionable, 1 Mill's Pol. Econ. 528, 578.The word 'value,' it is to be observed, has more than one meaning, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called 'value in use,' the other 'value in exchange.' The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those whic...
Market value
Market value, The term 'market value' has ac-quired a definite connotation by judicial decisions. Any addition to the value of the land to the owner whose land is compulsorily acquired which addition is the result of such factors as are unrelated to the open market cannot be regarded as a part of the market value, Union of India v. Shri Ram Mehar, AIR 1973 SC 305: (1973) 2 SCR 720: (1973) 1 SCC 109.Market value means the price that a willing purchaser would pay to a willing seller for the property having due regard to its existing condition with all its existing advantages and its potential possibilities when laid out in the most advantageous manner excluding any advantages due to the carrying out of the scheme for which the property is compulsory acquired, Thakur Kanta Prasad Singh v. State of Bihar, AIR 1976 SC 2219: (1976) 3 SCC 772: (1976) 3 SCR 585; Prithvi Raj Taneja v. State of Madhya Pradesh, AIR 1977 SC 1560: (1977) 1 SCC 684: (1977) 2 SCR 633. (Land Acquisition Act, 1894, s. ...
Surrender of fugitives
Surrender of fugitives. Penal laws of foreign countries are strictly local, and affect nothing more than they can reach and can be seized by virtue of their authority. A fugitive who passes hither comes with all his transitory rights. He may recover money held for his use, and stock, obligations, and the like; and cannot be affected in this country by proceedings against him in that which he has left, beyond the limits of which such proceedings do not extend. 'The lex loci must needs govern all criminal jurisdiction, from the nature of the thing and the purpose of the jurisdiction.', Warrender v. Warrender, (1834) 9 Bligh 119. See EXTRADITION...
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