If a life insurance policy lapses for nonpayment of premiums,and the policyholder has not elected another option,which nonforfeiture option usually goes into effect in most policies?

Question

Quizplus · Accepted Answer

Extended term insurance is the default nonforfeiture option in most life insurance policies when premiums are not paid, allowing the policyholder to maintain coverage for a limited time using the policy's cash value.

If a Life Insurance Policy Lapses for Nonpayment of Premiums,and