reduced paid-up insurance

reduced paid-up insurance

[peyd-uhp]
noun
life insurance in which a nonforfeiture value is used to purchase a reduced amount of fully paid-up insurance of the same kind as the surrendered policy.
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Reduced paid-up insurance is always a great word to know.
So is slumgullion. Does it mean:
a stew of meat, vegetables, potatoes, etc.
a children's mummer's parade, as on the Fourth of July, with prizes for the best costumes.
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