Fully paid policy - A life insurance policy which remains in force where the insured has paid premiums over part of the term of the policy but is unable to make further payments. In these circumstances the cash or surrender value is used to purchase a single premium policy which pays a reduced amount either on the death of the insured or on maturity if a term is specified other than life.
Fully paid policy : a life insurance policy which remains in force where the insured has paid premiums over part of the term of the policy but is unable to make further payments. in these circumstances the cash or surrender value is used to purchase a single premium policy which pays a reduced amount either on the death of the insured or on maturity if a term is specified other than life.
Fully paid policy