Final answer:
The element not included in the nonforfeiture value of a whole life insurance policy is accrued interest. Nonforfeiture value includes cash value, paid-up additions, and loan value, but not the interest that accumulates on unpaid loans or installment payments of the death benefit. Option d.
Step-by-step explanation:
The element of the nonforfeiture value of a whole life insurance policy that is not included is D. Accrued interest. Nonforfeiture values are benefits in a life insurance policy that the policyowner cannot lose even if the policy is surrendered or lapses due to non-payment of premiums. These values include A. Cash value, which is the savings component that grows tax-deferred over the life of the policy, and can be withdrawn or borrowed against. B. Paid-up additions are additional amounts of whole life insurance purchased using the policy's dividends, increasing the death benefit and cash value. C. Loan value is the amount that can be borrowed by the police owner against the policy's cash value. However, accrued interest is not an element of nonforfeiture value; it pertains to the interest that may accumulate on unpaid loans against the policy or on the policy proceeds if the death benefit is settled in installments.