IBAN is an acronym, which stands for International Bank Account Number. It is a standard way of uniquely identifying an account for the purpose of improving the efficiency and speed of cross border payments.
YES NO 6 people found this helpful. â Since they were broke they decided to look at cashing in on anythinh they could. The cash surrender value on their life insurance policy would be enough to get them through.
Rating Newest Oldest. Best Answer: Surrender value means that you give up your insurance and by giving up your insurance, if there is any cash value, you give that up, also. For example, if you have $1000 in cash value and your surrender value says $600 then it means that you were charged $400 by the insurance company. Surrender value, usually, is in effect for the first two to three years. Look at the guarnateed column in your policy then look at the surrender value column.