Nonforfeiture loan value benefit

{
  "id": "MLC-T-INS-003698",
  "term": "Nonforfeiture loan value benefit",
  "field": "Insurance and risk management",
  "definition": "A provision in a whole life insurance policy that allows the policyholder to borrow money against the accumulated cash value without surrendering the policy. The loan amount is deducted from the death benefit if not repaid before the insured's death. Interest accrues on the loan, and the policy remains in force as long as premiums are paid and the loan does not exceed the cash value.",
  "url": "https://mlchart.com/terminology/insurance/nonforfeiture-loan-value-benefit/"
}