nonforfeiture option

A policyholder’s option, upon the lapse of premium payments, to continue an insurance policy for a shorter period than the original term, to surrender the policy for its cash value, to continue the policy for a reduced amount, or to take some other action rather than forfeit the policy. [Cases: Insurance 2037. C.J.S. Insurance §§ 518–519, 742–745, 749–754.]

---

词条贡献者

双语律师Simon，毕业于亚洲一流的高级翻译学院，擅长翻译涉及金属和矿业领域的法律文件。