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English definition of “survivorship policy”

survivorship policy

noun [C]     (also survivorship contract) INSURANCE, TAX
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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