Which of the following statements about surrender value in variable life policies is accurate?

In the context of variable life insurance policies, the surrender value refers to the amount that the policyholder would receive if they decided to terminate the policy before it matures or before the insured event occurs. The correct statement is that the surrender value is non-guaranteed.

Variable life insurance policies are characterized by the investment component, where the policy's cash value can fluctuate based on the performance of the investments chosen by the policyholder. Therefore, while there is a cash value component, it is not fixed and can change over time due to investment performance, policy fees, and other factors. Because of this variability, the surrender value can also change and cannot be considered guaranteed.

The other options imply guarantees or fixed calculations which do not accurately represent the nature of variable life policies. For instance, stating that the surrender value is always guaranteed would mislead policyholders about the inherent risks associated with the investment choices within the policy.