Investopedia explains 'Accumulated Value'
For example, the accumulated value of a fixed annuity is the quantity invested plus the interest collected, subtracting any fees or previous withdrawals. For insurance purposes, this value begins to accumulate when the policy holder pays a monthly premium. This premium pays for the insurance cost, policy expenses and other related expenses. The resulting amount after these costs and expenses are deducted is placed in an internal account by the insurance company. This amount placed in the internal account gains compounded interest and is considered the accumulated value.
The accumulated value can be thought of as a forced savings account. The policy owner can even borrow against the accumulated value while keeping the policy intact. If the policy owner cancels the policy, they can cash it in for the cash value although penalties may be incurred.
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