what is a payad out insurance policy?

Answer 1

never heard of "payad". maybe it's a typo?

Answer 2

If you meant "Paid" out policy, that would be a policy that has exhausted the limits of the policy.
Example:A homeowners policy with $100,000 / $200,000 (Single Loss/ Aggregate Loss). Single losses of $50,000; 75,000 and 100,000.
First loss paid at $50,000
Second loss paid at $75,000
Last loss paid at $75,000 (as the $200,000 maximum aggregate was reached). You policy is now basically void as you will not be able to get anymore losses covered.

Another example is a life policy. The Policy onwer dies and the policy is paid out. This means it did not expire (the premium payments ended). It was closed because it was actually paid.

Hope this helps.

If not, please repost with a clearer question.

Good Luck!

Answer 3

huh????