The total amount of losses or claims that have been settled during a given period (before adjusting for outstanding claims).

a policy kept in force for a reduced sum assured after the premiums have ceased prematurely; a fully paid-up policy is one remaining in force after payment of all the premiums due under the terms of the policy.
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Policy granted by life insurer for a reduced amount based on premiums already paid with no further premiums payable. The reduced sum is payable on death under paid-up whole life policies and an on death or maturity in the case of endowments. Paid-up pensions are called ‘preserved pensions’.

Pension scheme under which contributions have ceased. Assets continue to be held and used by the administrator in accordance with scheme rules.

Stipulates that, in the event of loss or damage to any article forming a part of a pair or set, the claim will reflect the value of the lost item and not the reduced value of the pair or set.
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Clause that stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set.