• 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.

--  Walter A. Neeves, vice president and actuary with First Colony Life Insurance Company

1995 - SOA - Practical Illustrations and Nonforfeiture Values, Society of Actuaries - 14p