nonforfeiture reduced paid-up benefit
The nonforfeiture reduced paid-up benefit is a life insurance policy nonforfeiture benefit option to use the cash surrender value of the policy to purchase a fully paid-up life permanent insurance policy for a lesser amount of coverage.
nonforfeiture reduced paid-up benefit
The nonforfeiture reduced paid-up benefit is a life insurance policy nonforfeiture benefit option to use the cash surrender value of the policy to purchase a fully paid-up life permanent insurance policy for a lesser amount of coverage.
Additional Information
The new policy coverage amount is based on the insured's age and the policy cash surrender value.
Synonyms
reduced paid-up insurance
