nonforfeiture provision
1nonforfeiture provision — A provision of life insurance policy, or of a statute applicable to such a policy, that in the event of the lapse of the policy when it has a reserve value, the insured shall be entitled under options as follows: (1) to receive the cash surrender …
2Adjusted Premium — An adjusted premium is the premium of a life insurance policy that is adjusted by amortizing the costs associated with acquiring the insurance policy. The adjusted premium is equal to the net level premium plus an adjustment, to reflect the cost… …
3holder of life insurance policy — The named insured or an assignee, for the purpose of obtaining the cash surrender value under a nonforfeiture provision of the policy. 29 Am J Rev ed Ins § 686 …
