nonforfeiture reduced paid-up benefit Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: nonforfeiture reduced paid-up benefit
nonforfeiture reduced paid-up benefit

right of a policyholder in life insurance with cash value to elect a smaller, fully paidup 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.

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