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Universalium. 2010.
nonforfeiture 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.… … Useful english dictionary
nonforfeiture 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 … Useful english dictionary
Nonforfeiture 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… … Investment dictionary
nonforfeiture 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 … Ballentine's law dictionary
cash value — noun : the amount available to the owner of a life insurance policy upon termination before maturity, being the reserve held by the company against the policy less the surrender charge if any * * * Insurance. the nonforfeiture value of a life… … Useful english dictionary
cash value — Insurance. the nonforfeiture value of a life insurance policy payable to the insured in cash upon its surrender. Also called cash surrender value, surrender value. [1895 1900] * * * … Universalium
guaranteed value — noun : nonforfeiture benefit … Useful english dictionary
reduced paid-up insurance — /payd up / life insurance in which a nonforfeiture value is used to purchase a reduced amount of fully paid up insurance of the same kind as the surrendered policy. * * * … Universalium
reduced paid-up insurance — /payd up / life insurance in which a nonforfeiture value is used to purchase a reduced amount of fully paid up insurance of the same kind as the surrendered policy … Useful english dictionary
Values — 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… … Investment dictionary
