Nonforfeiture Cash Surrender Benefit
Definition of "Nonforfeiture cash surrender benefit"
Amount in a cash value life insurance policy that a policy owner will receive upon surrender of the policy, minus any outstanding loan and accrued interest. A table in the policy shows the amount of cash surrender values. With some policies, the insurance company reserves the right to hold the cash surrender value for six months from time of notification, but this is rarely if ever applied today.
Popular Insurance Terms
Method of determining reimbursement from medical insurance according to diagnosis on a prospective basis. It originated with the medicare program. ...
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...
Modest life insurance coverage to pay burial expenses upon the death of an insured. ...
Same as term Adjuster: individual employed by a property and casualty insurance company to settle on its behalf claims brought by insureds. The adjuster evaluates the merits of each claim ...
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
Single policy on the insured's property for: two or more different kinds of property in the same location; same kind of property in two or more locations; two or more different kinds of ...
Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arrangement with the reinsurance company. ...
Law that requires that all surplus lines insurance companies maintain a minimum specified amount of capital and surplus; also requires that alien insurers maintain a trust fund on location ...
Worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or firestorm. ...
Have a question or comment?
We're here to help.