This is an Insurance Contract where there is a cash surrender or termination value (determined without reduction for any surrender charges or policy loan), or the policyholder can borrow against (or with regard to) the contract. It includes all Cash Value Insurance Contracts regardless of the cash/surrender value of the contract.
It is most likely that the type of UK insurance products within this category will be:
A Cash Value Insurance Contract does not include:
In determining the cash/surrender value of a Cash Value Insurance Contract, it does not include an amount payable on the death of an individual insured under a Life Insurance Contract.
When a policy becomes subject to a claim and an amount is payable this does not create a New Account, it is still the same policy.