Which of the following is a standard nonforfeiture option?

Question

Quizplus · Accepted Answer

Extended term insurance is a standard nonforfeiture option, which allows the policyholder to use the cash value of the policy to purchase a term insurance policy with the same death benefit as the original policy for a specified period of time. This option does not require any additional premium payments and can provide coverage when the policyholder may not be able to afford the premiums for the full policy. Paid-up additions, life income, and reduction of premiums are also nonforfeiture options, but they are not considered standard options and may not be available in all policies or jurisdictions.

Which of the Following Is a Standard Nonforfeiture Option