nonforfeiture value

[ non-fawr-fi-cher ]
/ nɒnˈfɔr fɪ tʃər /

noun Insurance.

any benefit, as cash or other form of insurance, available to a life-insurance policyholder who discontinues premium payments on the policy.

Origin of nonforfeiture value

Also called nonforfeiture benefit.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019