Which of the following is a non-forfeiture option?

The full cash surrender option is considered a non-forfeiture option because it allows the policyholder to receive the accumulated cash value of their life insurance policy if they choose to terminate the policy. Non-forfeiture options come into play when a policyholder stops paying premiums or decides to surrender the policy. This option ensures that the policyholder does not forfeit the value that has accrued over time.

The full cash surrender provides the policyholder with a tangible benefit that can be utilized, rather than losing out entirely on the investment made into the policy. This feature is particularly important in the context of whole life and universal life insurance policies, which accumulate cash value alongside the death benefit.

In contrast, the other options listed do not qualify as non-forfeiture options. The accelerated death benefit is a rider allowing the insured to receive a portion of the death benefit while still alive under certain conditions, usually related to terminal illness. Guaranteed insurability is a policy feature that gives the policyholder the right to purchase additional coverage without evidence of insurability, while waiver of premium covers the policyholder's premiums in case of disability. None of these options provide a means to access or preserve the cash value when the policy is surrendered or lapses, which is why