What does Nonforfeiture Values mean? Read on to discover the definition & meaning of the term Nonforfeiture Values - to help you better understand the language used in insurance policies.
In whole life insurance policies, benefits that accrue to the insured when the policy lapses from nonpayment of premium. These benefits are usually either an amount of paid-up term life insurance or a cash surrender value. All states have enacted nonforfeiture laws that require that whole life insurance policies specify the nonforfeiture values in a schedule in the policy.
We hope the you have a better understanding of the meaning of Nonforfeiture Values.