Reconciliation (United States Congress) Reconciliation is a legislative process of the United States Congress that allows expedited passage of certain budgetary legislation on spending, revenues, and the federal debt limit with a simple majority vote in both the House (218 votes) and Senate (51 votes).
surrender - Legal Definition n Delivery into the possession of another, such as vacating of property by the tenant before the lease has terminated so that the landlord may consider termination to have occurred; the giving up of a claim or a right; yielding to the control or power of another; the return of an estate to the one who has a reversion so as to merge the estate into a larger one.
The surrender charge is the fee or penalty a policyowner agrees to pay for terminating the policy early. It is a predetermined amount typically figured as a percentage of the cash value portion of the policy. The formula for calculating the surrender charge will be found in your policy. Before surrendering a life insurance policy, discuss all options with a qualified insurance professional and/or tax professional.