Fully paid policy

{
  "id": "MLC-T-INS-001607",
  "term": "Fully paid policy",
  "field": "Insurance and risk management",
  "definition": "A life insurance policy for which all required premiums have been paid, but the policy remains in force and continues to provide coverage. The policyholder no longer needs to make payments, and the death benefit and any cash value continue to grow or remain active. This status is often achieved after a certain number of years or upon reaching a specific age, depending on the policy terms.",
  "url": "https://mlchart.com/terminology/insurance/fully-paid-policy/"
}