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The cash surrender value ("CSV") of an insurance policy is the amount of money that has been saved inside the policy at the time it is canceled, including both a part of the premiums and all of the interest that has been earned since the policy was started. Old policies sometimes have a large CSV.

Group policies do not accumulate CSV for the owner. Only "whole life," "universal life" and similar policies have this feature. Often such policies also allow the owner to take out reduced-interest loans of CSV while the insured is alive. Such loan proceeds would be countable as cash assets if a loan has been taken out, unless the proceeds are spent on consumable or non-countable assets.

     
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