QQuestionBusiness Management
QuestionBusiness Management
A nonforfeiture clause gives the policyowner:
A) lifetime income
B) guaranteed values even if the policy has lapsed
C) unemployment benefits
D) cost of living allowances
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Answer
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Step 1Let me solve this insurance policy problem step by step:
Step 2: Understanding Nonforfeiture Clauses
A nonforfeiture clause is a provision in an insurance policy that protects the policyowner's interests if they stop paying premiums. This means the policyholder will not completely lose the value of their policy even if they can no longer continue payments.
Final Answer
The nonforfeiture clause ensures that the policyowner retains some value or options with their insurance policy, even if they cannot continue making premium payments.
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