It is the value of your account if you were to liquidate all positions in your account.
This value is often stated on a per-share basis so as to indicate some kind of minimum value for a given share of the stock.
Contact the insurance company to determine the surrender charge and the length of the surrender period.
In most cases, the surrender charge decreases with each passing year until it is erased. You can avoid paying the insurance company a large surrender charge if you liquidate your annuity outside the surrender period. You can avoid paying a 10 percent tax penalty for liquidating your annuity if you transfer the funds into another annuity instead of withdrawing the money. This is an option if you don't need the money in your annuity but want to get out of your current contract without paying a penalty.
For example, some contracts may allow you to liquidate the annuity without penalties if you need the money for a health emergency such as open heart surgery.
Locate the "free look" provision clause in the contract.