Which of the following is NOT a nonforfeiture option in a whole life insurance policy?

The automatic premium loan is not considered a nonforfeiture option within a whole life insurance policy. Instead, it is a policy provision that allows the insurance company to automatically deduct the premium from the policy's cash value if the policyholder fails to pay the premium on time. This provision helps prevent the policy from lapsing due to non-payment but does not offer an alternative benefit in the event of policy termination.

Nonforfeiture options, on the other hand, are the choices available to a policyholder that ensure they do not completely lose their benefits if they stop paying premiums. The cash surrender value allows the policyholder to receive the accumulated cash value if they choose to terminate the policy. The extended term option lets the insured convert the policy into a term policy with the same face amount for a limited time using its cash value. The reduced paid-up option allows the policyholder to stop paying premiums and convert the whole life policy into a paid-up policy with a reduced death benefit.

Thus, the distinguishing factor is the function of these options and provisions, with the automatic premium loan serving a different purpose than the nonforfeiture options.