What is the Definition of Nonforfeiture Options?

What is the Definition of Nonforfeiture Options?

The various ways in which a contract owner may apply the cash surrender value of an insurance or an annuity contract if the contract lapses. In the United States, the typical nonforfeiture options for life insurance are the cash payment option, the extended term insurance option and the reduced paid-up insurance option. (See Cash payment option; Cash surrender value; Extended term insurance option; Reduced paid-up insurance option)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Nonforfeiture Options?

You can find random definition and meaning of insurance terms below:


What is the meaning of Rating Plan

The rules that determine the cost of your insurance premium. These rules modify the base rates by applying discounts and surcharges based on your personal characteristics, for example, using your seat belt, insuring more than one car.


What is the meaning of Reinspection

A review of an estimate or appraisal done by an adjuster during or after repairs to a vehicle. This is done to guarantee the accuracy of staff or independent auto damage personnel, and to guarantee that the work required in an estimate or appraisal is being completed by the body shop.


What is the meaning of Release

Legally binding contract stating that all obligations past, present or future arising from a particular accident or occurrence have been fulfilled.


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