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 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” from the Cambridge Business English Dictionary © Cambridge University Press)