Paid up Insurance Law and Legal Definition
Paid up insurance is an insurance policy, typically life insurance, in which the entire premium for the policy is paid in one lump sum, with no further premium payment due. Paid up insurance is also known as Single premium insurance.
“Paid-up insurance means insurance which had been fully paid for and the paid-up insurance is not subject to forfeiture.” [Columbian Nat'l Life Ins. Co. v. Griffith, 73 F.2d 244 (8th Cir. Mo. 1934)].