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.
February 9, 2014. Surrender value refers to the amount a life insurance contract is worth after any charges and fees from the insurance company, if the contract is fully surrendered (terminated early with value remaining). This is not necessarily the same as the cash value, which is calculated before any fees are taken upon surrender.