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
Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
Additional hazard associated with aeronautics other than that of being a passenger on a regularly scheduled airline. An extra premium is charged, and/or there are usually exclusions applied ...
Company that has a capital fund established by contributions from its stockholders in addition to its surplus accounts and reserve accounts. ...
Agency of the federal government formed as the result of bankruptcies of savings and loan associations during the 1930s. Insures deposits of customers up to $100,000 for each account. In ...
Illness or sickness such as cancer, poliomyelitis, leukemia, diphtheria, smallpox, scarlet fever, tetanus, spinal meningitis, encephalitis, tularemia, hydrophobia, and sickle cell anemia, ...
Coverage in event of damage or destruction of animals that are being shipped. ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Additional amount of surplus generated by an additional amount of capital to be included in book value surplus. This additional surplus is necessary to act as a supplement to the statutory ...
Ratio of net income after taxes to total end of the year net worth. This ratio indicates the return on stockholder's total equity. ...
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?
We're here to help.