NONFORFEITURE VALUES
\nˌɒnfˈɔːfe͡ɪt͡ʃə vˈaljuːz], \nˌɒnfˈɔːfeɪtʃə vˈaljuːz], \n_ˌɒ_n_f_ˈɔː_f_eɪ_tʃ_ə v_ˈa_l_j_uː_z]\
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The policy payments that the insured is entitled to in the event of a cesation of payments. The insured has a choice between the cash surrender value, the paid up surrender value,the extended term insurance value and the loan value. If a choice is not made, the policyholder has no choice but to accept the one that is specified in the insurance contract.
By Henry Campbell Black
