Nonforfeiture Reduced Paid-Up Benefit
Barron's Insurance Dictionary:
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Nonforfeiture Reduced Paid-Up Benefit
Right of a policyholder in life insurance with cash value to elect a smaller, fully paidup policy, without any further premiums to pay. The amount of the paid-up policy is determined by the insured’s age and the cash surrender value.
| Nonforfeiture Provision, Nonforfeiture Factor, Nonforfeiture Extended Term Benefit | |
| Nonhazardous, Noninsurance Transfer, Noninsured Driver |
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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