survivorship policy
noun [C] (also survivorship contract) INSURANCE, TAXDefinition
› insurance for owners who share a business or property which pays out only after the last owner dies, so that there is money to pay the related tax without selling the asset: Estate tax can force the heirs to the owners of a small family business to sell in order to pay the tax when Mom and Pop do not have a survivorship policy.
(Definition of survivorship policy noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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