L&HPennsylvaniamedium
The PA Standard Nonforfeiture Law for life insurance at 40 P.S. § 510.1 requires that a permanent life policy include which of the following minimum benefits to the policyholder?
A guaranteed minimum cash surrender value, reduced paid-up, and extended term option
BAnnual dividend payments guaranteed to the policyholder each policy year regardless of insurer surplus
CA guaranteed conversion privilege to any other insurer's product
DFree riders for accidental death and disability waiver
Why this is the answer
The Standard Nonforfeiture Law guarantees that the policy owner of permanent life insurance is entitled, upon lapse or surrender, to at least three nonforfeiture options: cash surrender value, reduced paid-up insurance, or extended term insurance for a calculated period.
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