surrender

/səˈrendər/ noun [C or U]

Definition

› the act of giving up something, or giving control of something to someone else: The penalty for early surrender of pensions remains at 25%. The union was forced into a surrender of some recent gains in the latest round of negotiations.

› INSURANCE the act of ending an insurance policy early, before its original end date: You will have to pay a fee for the early surrender of your policy.

(Definition of surrender noun from the Cambridge Business English Dictionary © Cambridge University Press)