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reduced paid-up insurance

[ peyd-uhp ]
/ ˈpeɪdˌʌp /
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noun
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.
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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2022

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