What does Guertin Laws mean? Read on to discover the definition & meaning of the term Guertin Laws - to help you better understand the language used in insurance policies.
The nonforfeiture laws in life insurance that have been standard in all states since 1948. These laws require that a paid-up nonforfeiture benefit (e.g., paid-up term life insurance) be provided for every whole life policy that lapses because of nonpayment of premium. These laws also require that a cash surrender value be provided if the policy has been in force 3 years or more.
We hope the you have a better understanding of the meaning of Guertin Laws.