paid-up addition
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 291 U.S. 170 - Williams v. Union Central Life Insurance · 1934Most cited · 283 citing opinions
A 'paid-up addition' to the policy, by the application of a dividend, is the amount added to the face of the policy and purchased by the use of the dividend as a single premium. For such paid-up additions there must be a legal reserve.