1995 SOA HL Practical Illustrations  Get a Reprojection rsa95v21n123

One of the ideas that people have considered for life insurance is to have life insurance without a cash-surrender value, but a nonforfeiture value, either reduced, paid-up, or extended-term insurance, that would in some way make life insurance and annuity standard nonforfeiture a little bit closer. It seems to me that if we're allowed to have an annuity product without a cash-surrender value, we should be able to have a life insurance product without a cash-surrender value. I'm not sure why those two should be treated differently.