Cash value is the savings portion of a permanent life insurance policy, built from part of the premiums, which you can borrow against or withdraw. The cash surrender value is the cash value minus any loans and surrender charges.
Also called the savings element. The cash value grows over time based on interest, dividends or other investment earnings, depending on the policy. The growth is tax-deferred as long as the policy stays within the tax rules for an exempt policy, as most do: tax on the gains isn’t due until the money is withdrawn. Loans and withdrawals reduce the cash value and the death benefit. In some policies, such as universal life, you can pay more than the required premium to build the cash value, or use the cash value to pay premiums. Policies with a cash value are permanent: coverage lasts your whole life as long as premiums are paid and the policy’s conditions are met.
See “Cash surrender value”