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nonforfeiture values

In whole life insurance policies, nonforfeiture values are benefits that accrue to the insured when the policy lapses from nonpayment of premium.

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nonforfeiture values

In whole life insurance policies, nonforfeiture values are benefits that accrue to the insured when the policy lapses from nonpayment of premium.

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These benefits are usually either an amount of paid-up term life insurance or a cash surrender value. All states have enacted nonforfeiture laws that require that whole life insurance policies specify the nonforfeiture values in a schedule in the policy.