reduced paid-up insurance
[ peyd-uhp ]
/ ˈpeɪdˌʌp /
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.
Words nearby reduced paid-up insurance
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020