Nonforfeiture Cash Surrender Benefit

Definition of "Nonforfeiture cash surrender benefit"

Esther Denette real estate agent
Esther Denette, Real Estate Agent Keller Williams Central Rhode Island

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.

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