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
Sum of money paid on the principal amount of money invested or loaned. ...
Retirement taken after the normal retirement age. For example, if the normal retirement age is 65 or 70 an employee may continue to work beyond those ages. Normally the election of deferred ...
Payment under a state-sponsored program for victims of crimes. ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Gross yield minus total costs (expenses). ...
Tenant's modifications of leased space to fit his particular needs. Up to 10% of contents coverage inside the structure may be applied to insure against damage or destruction of ...
Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that ...
Statutory law that lowers the defendant's liability by restricting the monetary recovery of the plaintiff incurring a specified injury, such as pain and suffering, or by restricting the ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Have a question or comment?
We're here to help.