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LSDefine

Simple English definitions for legal terms

nonforfeiture option

Read a random definition: transference

A quick definition of nonforfeiture option:

A nonforfeiture option is a choice that a person with an insurance policy has when they can no longer make payments. They can choose to keep the policy for a shorter time, get some money back, or do something else instead of losing the policy altogether. It's like having different options to choose from when you can't do what you originally planned.

A more thorough explanation:

A nonforfeiture option is a policyholder's right to choose an alternative action when they are unable to pay their insurance premiums. This option allows the policyholder to continue the insurance policy for a shorter period than the original term, surrender the policy for its cash value, continue the policy for a reduced amount, or take some other action rather than forfeit the policy.

For example, if a person has a life insurance policy and is unable to pay the premiums, they may choose to surrender the policy for its cash value instead of letting it lapse. This way, they can still receive some benefit from the policy.

Another example is if a person has a long-term care insurance policy and is unable to pay the premiums, they may choose to continue the policy for a reduced amount of coverage instead of letting it lapse completely.

The nonforfeiture option is important because it provides flexibility for policyholders who may be experiencing financial difficulties. It allows them to make choices that can help them maintain some level of coverage or receive some benefit from their policy, even if they are unable to continue paying the premiums.

nonforfeitable | nonfunctional

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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