Nonforfeiture Options

Also known as: Nonforfeiture Values

Statutory guarantees ensuring that a permanent life insurance policyholder does not forfeit accrued cash value upon policy lapse: Cash Surrender, Reduced Paid-Up, and Extended Term.

“The policy shall contain provisions specifying available options upon default of premium payment: cash surrender value, paid-up insurance, or extended term insurance.”

naic-standard-nonforfeiture · SNFL Model § 3

Tested on

Life & Health

Related terms

Incontestable Clause

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