Nonforfeiture Provision
Value in life insurance policies that entitle the insured to these choices:
- to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be minimal because ofexpenses such as agent's commission, premium tax, and the cost of putting the policy on the insurance company's books.)
- to take reduced paid-up insurance instead of the cash surrender value.
- to take EXTENDED TERM INSURANCE for the full face amount instead of the cash surrender value.
- to borrow from the company, using the cash value as collateral.
Popular Insurance Terms
Coverage for the employer in the event of a tort committed by an employee in the use of his or her own car while conducting business on behalf of the employer. ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent ...
Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...
Loss experience of a given insured. ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
Same as term CEDE: to transfer a risk from an insurance company to a reinsurance company. ...
Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
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