Nonforfeiture reduced paid-up benefit

{
  "id": "MLC-T-INS-002337",
  "term": "Nonforfeiture reduced paid-up benefit",
  "field": "Insurance and risk management",
  "definition": "A nonforfeiture option in a whole life insurance policy that allows the policyholder to stop paying premiums and receive a fully paid-up policy for a reduced death benefit amount. The new death benefit is determined by the policy's accumulated cash value at the time the option is exercised. The coverage remains in force for the remainder of the insured's life.",
  "url": "https://mlchart.com/terminology/insurance/nonforfeiture-reduced-paid-up-benefit/"
}