What is which situation accurately describes a reduced paid-up nonforfeiture option?

The <a href="https://www.wikiwhat.page/kavramlar/Reduced%20Paid-Up%20Insurance">reduced paid-up nonforfeiture option</a> is a feature in a whole life insurance policy that allows the policyholder to stop paying premiums and receive a reduced amount of death benefit. The cash value of the policy is used to purchase a single-premium life insurance policy with a lower face value. The original policy is terminated, and the insured is covered for life, but for a smaller amount. No further premiums are required. This is suitable for someone who can no longer afford premiums but wants to maintain some life insurance coverage.