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LSDefine

Simple English definitions for legal terms

nonforfeiture option

Read a random definition: Consumer Leasing Act

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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shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
jack moving up in the world :)
i have a brother named jack, so whenever i see your name im marginally happier than normal
babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
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