Cash surrender value refers to the amount of money an insured person can receive from their life insurance policy if they choose to cancel or 'surrender' the policy before the insured's death. This value is typically a percentage of the total premiums paid, minus any loans or withdrawals made from the policy. The cash surrender value is usually lower in the early years of the policy and increases as the insured gets older. It is important to note that surrendering a policy can result in penalties or taxes, so it's essential to consider all factors before making such a decision.