nonforfeiture rights guarantee that a policy owner will not lose his or her policy's
nonforfeiture rights guarantee that a policy owner will not lose his or her policy's
Homework Answers
Cash value.
Explanation:The nonforfeiture clause stipulates that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to non-payment. So the policy owner can terminate the policy and get the cash surrender value in hard cash. This clause guarantees a minimum cash value for the insurance policy after a specific period—typically three years from when placed in force.
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nonforfeiture rights guarantee that a policy owner
will not lose his or her policy's
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