paid-up policy

A paid-up policy is only available if premiums have been paid for three years and the reduced sum is £400 or more.

Alternatively, they can receive a paid-up policy or a conversion of their policy into an annuity.

If you do stop paying premiums, however, you would receive either reduced benefits, called a paid-up policy, or a cash surrender value as determined by GRE.

Tracy Ann Gange Dear Diary: I called the New York office of an insurance company to discuss a notice sent to me regarding a paid-up policy.

And when the companies finally paid, they did so only if the homeowner would accept 70% or less of what fully paid-up policies called for - with zero recompense offered for personal possessions - that clause was simply X-ed out.

Her grandmother had sold garden vegetables and flowers and saved the dimes to pay the premiums, and she had been able to borrow against the paid-up policy to help Ardelia over the last hump when she was working her way through college.

The manner in which this can be done ranges from naming a charitable organization as owner and beneficiary of a new policy to giving a paid-up policy outright to a charity, making the organization beneficiary of an existing policy and assigning a policy's annual dividends to a charity.