Nonforfeiture values

Nonforfeiture values,

Definition of Nonforfeiture values:

  1. The parts of a policy that cannot be denied to the policyholder, even if he or she stops paying the premiums. The policyholder may choose either the paid up surrender value, the cash surrender value, the loan value, and the extended term insurance value. If he or she does not choose one of these, there is one specified in the contract that will take effect.

Meaning of Nonforfeiture values & Nonforfeiture values Definition