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Nonforfeiture Reduced Paid Up Benefit

Nonforfeiture Reduced Paid-Up Benefit


Nonforfeiture Reduced Paid-Up Benefit — 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. The new policy coverage amount is based on the insured's age and the policy cash surrender value. Also known as reduced paid-up insurance.

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