DEFINITION of 'Values'

The worth of a nonforfeiture clause that specifies that an insured party would receive the equity from a life insurance policy, in the event that the policy were canceled because the premium payments were not made. The policy's value would be returned to the policy holder in some manner, either through a partial refund of the premiums that had been paid to date, or through the payment of a portion of the benefits.


Life insurance policy holders can select one of four nonforfeiture benefit options: the cash surrender value, extended term insurance, loan value and paid-up insurance. If the policy holder does not make a selection, the terms of the policy will generally stipulate which option would go into effect, in the event that the policy lapses or is surrendered.

  1. Cancellation Provision Clause

    A cancellation provision clause in insurance permits an insurer ...
  2. Lost Policy Release (LPR)

    A lost policy release is a statement releasing an insurance company ...
  3. Adjustment Provision

    A provision in a life insurance policy that allows the policy ...
  4. Policy Loan

    A policy loan is issued by an insurance company that uses the ...
  5. Free Look Period

    A free look period is a period of time in which a new life insurance ...
  6. Participating Policy

    A participating policy is insurance that pays dividends to policyholders. ...
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