Nonforfeiture Reduced Paid-up Benefit
Definition of "Nonforfeiture reduced paid-up benefit"
Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up 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.
Popular Insurance Terms
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Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
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Comments for Nonforfeiture Reduced Paid-up Benefit
Am trying to determine if there is taxation involved when a whole life contract is changed to reduced paid-up insurance ?
Nov 27, 2018 12:56:50Since we specialize in real estate, not insurance, we would recommend for you to get in touch with your insurance broker and discuss this issue with them for the most accurate advice.
Jan 09, 2019 09:59:43Have a question or comment?
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