Book Value

A feature of a Multi-Year Guaranteed Annuity (MYGA) that affects the amount of money you can take out of the contract if surrendered before the end of the locked-in period. A Book Value MYGA would offer the accumulated value of the annuity less surrender fees applicable at that time of surrender. This is in contrast to a Market Value Adjustment, which reduces/increases the amount available on surrender if interest rates have moved since purchase.