A form of limited payment Life Insurance that provides protection for the whole of life, but with payment of premiums to stop at a particular age, thus paying up the policy. A common form would be Life Paid Up At Age 65.
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(1) The arithmetic mean; (2) In marine insurance, loss or damage; or 3) In non-marine property insurance, where average is said to apply and there has been under-insurance, the insured’s claim is reduced in proportion to the under-insurance.