paid-up policy

paid-up policy
An endowment assurance policy in which the assured has decided to stop paying premiums before the end of the policy term. This results in a surrender value, which instead of being returned in cash to the assured is used to purchase a single-premium whole life policy In this way the life assurance protection continues (for a reduced amount), while the policyholder is relieved of the need to pay further premiums. If the original policy was a with-profits policy, the bonuses paid up to the time the premiums ceased would be included in the surrender value. If it is a unit-linked policy, capital units actually allocated would be allowed to appreciate to the end of the term.

Big dictionary of business and management. 2014.

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  • paid-up policy — A life insurance policy in which all premiums that are due have been paid. Bloomberg Financial Dictionary * * * paid up policy paid up policy ➔ policy * * * paid up policy UK US noun [C] UK INSURANCE ► an insurance policy for which payments are… …   Financial and business terms

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  • policy of insurance — The parlance of the insurance business, the contract between the insured and the insurer. State ex rel. Sheets v Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. 68 Ohio St 9, 67 NE 93. The formal document in which a contract of insurance… …   Ballentine's law dictionary

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

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  • 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… …   Ballentine's law dictionary

  • Paid Educational Leave Convention, 1974 — Infobox ILO convention code= C140 name= Paid Educational Leave Convention, 1974 adopt= June 24, 1974 force= September 23, 1976 classify= Paid Leave subject= Vocational Guidance and Training prev= Occupational Cancer Convention, 1974 next= Rural… …   Wikipedia

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