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
U.S. Supreme Court case in 1868 in which the decision (since overruled) was that an insurance policy was not an instrument of commerce, and thus did not involve interstate commerce ...
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Periodic payments to an annuitant. ...
Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
Coverage for bodily injury and property damage liability resulting from the ownership, use, and/or maintenance of an insured business's premises as well as operations by the business ...
Central fund into which employees contribute untaxed earnings to pay for the insurance premiums and uninsured medical costs. When the employee submits evidence of unreimbursed medical ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
Automatically extended reporting period of five years, during which claims may be made after a claims made basis liability coverage policy has expired, provided these claims are the result ...
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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