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reduced paid-up insurance

American  
[peyd-uhp] / ˈpeɪdˌʌp /

noun

  1. 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.

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.