What does Nonforfeiture Clause mean? Read on to discover the definition & meaning of the term Nonforfeiture Clause - to help you better understand the language used in insurance policies.
A nonforfeiture clause is an element found in permanent life insurance policies and long-term care policies. These clauses stipulate that the insured will receive some of the benefits or a refund of their premiums paid if their policy lapses as the result of a missed premium payment.
We hope the you have a better understanding of the meaning of Nonforfeiture Clause.