What is Surrender Value? Is this the amount the client wants to be able to transfer to another account? Or are there additional fees applied?

Surrender value is the value of an account at the time the contract is terminated. If the account is not fully matured, the amount received/transferred is the surrender value less any penalties/fees incurred.

What is the amount the beneficiary will receive?
The beneficiary receives the death benefit at the time of death.

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