All states have non-forfeiture laws that require the payment of a cash-surrender value when a cash-value policy is surrendered. Briefly explain the following non-forfeiture options that are found in a typical life insurance policy.
a. Cash-value option
b. Reduced paid-up insurance

c. Extended term insurance

Answer rating: 100% (QA)

a Under the cash value option the insured can surrender the policy for an accumulated cash value of ... View the full answer