Paid-up policy

Paid-Up Policy
An insurance policy that has already been paid, therefore no further premium is due for services that are received at a future date.
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Paid-Up Policy
Financial & Investment Dictionary:
Paid-Up Policy
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paid-up policy
life insurance policy in which all premiums have been paid.

Paid-up policy
A paid-up policy is a whole life insurance policy for which no additional premium payments are required to keep in force.

Dictionary Term
paid-up policy
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REDUCED PAID UP A nonforfeiture provision which uses the cash value of a permanent life insurance policy as a single premium to purchase a paid-up policy of a reduced face amount.

When all payments that are due have been made.
Paid-up policy
A life insurance policy in which all premiums that are due have been paid.
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See also: Life insurance policy, Acquisitions, Cash surrender value, Surrender value, Expense