paid-up insurance

paid-up insurance
Life insurance under a policy which shall continue in effect for the full period of the insured's life, the premiums having been fully paid so as to call for no further payment by the insured to keep the policy effective against lapse. Lenon v Mutual Life Ins. Co. 80 Ark 563, 98 SW 117; Hamilton v Mutual Ben. Ins. Co. 109 Ga 381, 382. The amount of insurance which the existing cash surrender value of a life insurance policy will purchase, the same to remain in effect during the full period of the insured's life without payment of additional premiums. 29 Am 1 Rev ed Ins § 619.

Ballentine's law dictionary. . 1998.

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  • reduced paid-up insurance — /payd up / life insurance in which a nonforfeiture value is used to purchase a reduced amount of fully paid up insurance of the same kind as the surrendered policy. * * * …   Universalium

  • reduced paid-up insurance — /payd up / life insurance in which a nonforfeiture value is used to purchase a reduced amount of fully paid up insurance of the same kind as the surrendered policy …   Useful english dictionary

  • insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or …   Law dictionary

  • insurance underwriter — ➔ underwriter * * * insurance underwriter UK US noun [C] INSURANCE ► a person whose job is to calculate the risk that is involved in an activity or in providing insurance for a particular customer, and to decide how much should be paid for… …   Financial and business terms

  • insurance — ► NOUN 1) the action of insuring. 2) the business of providing insurance. 3) money paid for insurance, or as compensation under an insurance policy. 4) a thing providing protection against a possible eventuality …   English terms dictionary

  • paid–up — adj: requiring no further payments a paid–up insurance policy Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • insurance — Guarding against property loss or damage making payments in the form of premiums to an insurance company, which pays an agreed upon sum to the insured in the event of loss. Bloomberg Financial Dictionary * * * insurance in‧sur‧ance [ɪnˈʆʊərəns ǁ… …   Financial and business terms

  • insurance — noun ADJECTIVE ▪ comprehensive ▪ fully comprehensive car insurance ▪ adequate ▪ additional ▪ long term, short term …   Collocations dictionary

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