Exam term
Paid-up nonforfeiture benefit
A benefit, such as reduced paid-up insurance or extended term insurance, that state law requires a lapsed cash-value policy to provide instead of forfeiting the owner's built-up value.
Exam term
A benefit, such as reduced paid-up insurance or extended term insurance, that state law requires a lapsed cash-value policy to provide instead of forfeiting the owner's built-up value.