Paid Up Policy Law & Legal Definition
A paid-up policy is an insurance policy that has already been paid, therefore no further premium is owed for services that are received at a future date. This may be a policy where premiums are paid for a set number of years after which it is deemed paid up although continuing in force.
This may be either (1) reduced paid-up insurance provided under the nonforfeiture provision; (2) a limited payment policy under which all premiums have been paid; or (3) a policy on which accumulated dividends are applied to pay the net single premium required to pay up the difference between the policy's reduced paid-up insurance and its face amount.
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