According to the Nonforfeiture law, if the owner decides to surrender a deferred annuity prior to annuization, the owner is entitles to guaranteed surrender value.
An insurance policy provision known as a nonforfeiture clause states that an insured party may be entitled to full or partial benefits or a partial reimbursement of premiums following a lapse brought on by nonpayment. Nonforfeiture clauses could be present in standard life and long-term care insurance policies. The clause may include a partial refund of all premiums paid, the policy's cash surrender value, or a reduced payment based on premiums paid prior to the policy's expiration.
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