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" ... Permanent life insurance policies, such as whole-life and universal-life policies, offer policy owners nonforfeiture options. These options include surrendering the policy for the cash surrender value or taking an extended term period or a reduced paid-up policy, all on a case-by-case basis. These options all have the possibility of benefiting a policyholder. ... "
" ... Petitioner [Mr. Moore] argues that the automatic premium loan provision did not prevent his policy contract from terminating after he ceased making payments. He believes that the nonforfeiture provisions operated to convert the policy to term insurance when he ceased making payments unless he took affirmative steps to reinstate the original policy. On the basis of his interpretation of the life insurance policy contract, petitioner stopped making premium payments in 1977 and considered the policy abandoned. ... "