Cash surrender value in life insurance is what you receive if you choose to end your permanent life insurance policy early, before it reaches maturity or pays out upon death. This value consists of the premiums you've paid plus any interest earned, minus fees charged by the insurance company.
Not all life insurance policies include cash surrender value. Permanent policies like universal and whole life allow you to accumulate cash value over time, which can be accessed through withdrawals or loans. Term life insurance policies do not build cash value and do not provide this option.