Surrender of Policy Law and Legal Definition
Surrender of policy is the cancellation of an insurance policy completed upon delivery of the instrument by the insured to the insurer.
A surrender of the policy by the assured, or return of unearned premium by the insurer, is not a condition precedent to a termination of the policy contract. [Gately-Haire Co. v. Niagara Fire Ins. Co., 221 N.Y. 162 (N.Y. 1917)].