What is paid up contract in Insurance?

Updated: 9/15/2023
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10y ago

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A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.

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Q: What is paid up contract in Insurance?
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A life insurance contract that maintains protection after the premium period has ended is called a?

The proper terminology would be "Paid-up".

What is reduced paid-up insurance?

When a proposer lands up defaulting on his prm commitments due to what ever reasons he/she has, the Insurer uses this technical terminology (Reduced paid-up) to his good advantage to redefine the terms and conditions of the said Insurance contract.

What are the rights of an agent in insurance?

An insurance agent has a contract with an insurance company which specifies his rights; but basically an agent has a right to be paid a commission for the insurance that he or she sells.

Can a paid up life insurance be paid up?


Does a premium have to be paid to To obtain a contract of insurance against a risk?

Nothing is obtainable free in this world. So, obviously you are to pay premium for obtaining a contract of insurance against a risk

What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.

What is Paid up value?

If you are talking about Life Insurance, Paid Up, means the Life Insurance no longer needs Premiums paid as it is all paid up to sustane the policy for the duration chosen.

Is insurance cash value paid to insured taxable?

are paid up insurance proceeds paid to the living person insured taxable

What are the laws on paying out on life insurance claims?

It is a contract. Person dies, claim is paid according to policy.

What is Paid up additional Insurance?

Paid up additions is a method of receiving your dividends from a mutual insurance company. Paid up additions is actually a very good method as it allows a policyholder to use their dividends to purchase paid up additional insurance in the policy thereby increasing coverage and increasing annual dividends because dividends are also paid on the additional insurance. You do not have to pay taxes on the dividends paid in this manner either.

Who is third party under an insurance contract?

The third party is the injured party to whom any compensation is paid

How do you figure the percentage paid on a total amount when you have the amount paid?

My mother has an S.B.L.I. life insurance since 1985. The contract was for $3250 at $22 monthly payment. When calculated she has paid double the amount of the contract, yet she's quoted a value of $3050. Why the difference and what is she legally entitled to?