nonforfeiture benefit
1nonforfeiture benefit — “+ noun or nonforfeiture value : a benefit (as in cash or insurance) received by a policyholder who after making premium payments for at least the minimum period as provided wishes to discontinue further premium payments …
2nonforfeiture value — noun see nonforfeiture benefit * * * /non fawr fi cheuhr/, Insurance. any benefit, as cash or other form of insurance, available to a life insurance policyholder who discontinues premium payments on the policy. Also called nonforfeiture benefit.… …
3nonforfeiture value — /non fawr fi cheuhr/, Insurance. any benefit, as cash or other form of insurance, available to a life insurance policyholder who discontinues premium payments on the policy. Also called nonforfeiture benefit. [NON + FORFEITURE] * * * …
4Nonforfeiture Clause — A clause in an insurance policy that allows for the insured to receive all or a portion of the benefits or a partial refund on the premiums paid if the insured misses premium payments, causing the policy to lapse. The nonforfeiture clause may… …
5Values — The worth of a nonforfeiture clause that specifies that an insured party would receive the equity from a life insurance policy, in the event that the policy were canceled because the premium payments were not made. The policy s value would be… …
6guaranteed value — noun : nonforfeiture benefit …
