survivorship policy Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “survivorship policy” in the English Dictionary

"survivorship policy" in Business English

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survivorship policynoun [C]

uk   us   (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 ​relatedtax 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 from the Cambridge Business English Dictionary © Cambridge University Press)
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