What is the "Fair Market Value of an SPDA? Is it the Surrender Value or the Accumulation Value?

[AmyC]

The Fair Market Value (FMV) of a Single Premium Deferred Annuity (SPDA) depends on the context in which you're evaluating the value.

In most cases, the FMV of an SPDA is closer to the Accumulation Value as it represents the current worth of the investment based on its growth and performance. However, if you are considering liquidation or withdrawal, the Surrender Value may be more relevant as that would account for surrender charges.