Meaning & use
Nonforfeiture
Last updated
Relating to a provision, especially in a life insurance policy, that allows a policyholder to retain some benefit or value even after failing to pay a premium.
See it in a sentence
The policy's nonforfeiture clause let her convert unpaid premiums into reduced coverage.
Regulators require insurers to disclose nonforfeiture options clearly to policyholders.
A note on using this word
A specialized term in insurance and contract law, ensuring policyholders don't lose all value from a lapsed policy.
Words with an opposite meaning
forfeiture
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