An option whereby the insured can leave dividends with the insurer, and each dividend is used to buy a single premium life insurance policy for whatever amount it will purchase. Also called Paid-Up Additions.
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An agreement and sharing of risk in which persons or companies make regular payments to an insurance Company (the insurer). The Company, in turn, promises to pay money towards specified wellness / preventative services and towards allowed medical services if the covered person becomes ill or injured.