The cash surrender value of a policy refers to:

The cash surrender value of a life insurance policy is the amount available to the policyholder if they decide to terminate or "surrender" the policy before its maturity or before the insured event (such as death) occurs. This value is usually accumulated through a portion of the premiums paid and can include interest or dividends earned over time, depending on the type of policy.

When a policyholder chooses to surrender their policy, they may receive the cash surrender value, which is the net amount after accounting for any applicable surrender charges. This provides a financial option for policyholders to reclaim some of their investment if they no longer need the life insurance coverage or find it financially burdensome to maintain.

The other choices do not accurately describe the cash surrender value. The amount paid to the beneficiary upon death pertains to the death benefit, which is distinct from the cash surrender value. The ongoing cost of maintaining the policy refers to premiums, not the cash value available upon surrender. Lastly, dividends are typically associated with participating policies and are separate from cash surrender value.