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nonforfeiture value

[non-fawr-fi-cher]
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noun Insurance.
  1. any benefit, as cash or other form of insurance, available to a life-insurance policyholder who discontinues premium payments on the policy.
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Origin of nonforfeiture value

Also called nonforfeiture benefit.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018