Meaning of “paid-up policy” in the English Dictionary

business-english dictionary

"paid-up policy" in Business English

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paid-up policynoun [ C ]

uk us UK INSURANCE

an insurance policy for which payments are no longer made, but which will be paid out to the insured person at an agreed time:

How much can I expect at the end of term if I convert to a paid-up policy?

(Definition of “paid-up policy” from the Cambridge Business English Dictionary © Cambridge University Press)