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LSDefine

Simple English definitions for legal terms

nonforfeiture option

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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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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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