The option that one might purchase if he or she wanted to increase the amount of cash value insurance held in the future is called

Question

Quizplus · Accepted Answer

Guaranteed insurability allows the policyholder to purchase additional life insurance coverage in the future without having to show evidence of insurability. This can lead to an increase in the amount of cash value insurance held in the future. Guaranteed renewability refers to the policy's ability to be renewed without having to show evidence of insurability but may not necessarily increase the cash value. Multiple indemnity provides for an increased benefit payment if the insured dies under certain circumstances, but does not increase the cash value. Nonforfeiture refers to the policy's ability to retain a cash value if the policy lapses or is surrendered, but does not necessarily increase the cash value.

The Option That One Might Purchase If He or She