Listen to a Business English Dialogue about Fully paid policy
Ralph: Hi Morgan, have you heard of a fully paid policy?
Morgan: No, what is it?
Ralph: A fully paid policy is an insurance policy where all premiums have been paid in full, and the policyholder no longer needs to make any additional payments.
Morgan: Oh, so it’s like having complete coverage without any further financial obligations?
Ralph: Exactly. Once the policy is fully paid, the policyholder is entitled to the full benefits outlined in the insurance contract.
Morgan: That sounds convenient. Are there any advantages to having a fully paid policy?
Ralph: One advantage is that it provides peace of mind, knowing that the insurance coverage is secured without the need for ongoing payments.
Morgan: I see. So, how do fully paid policies differ from other types of insurance policies?
Ralph: Unlike other policies where premiums are paid regularly over time, fully paid policies require a one-time payment or a series of payments until the policy is fully paid off.
Morgan: Thanks for explaining, Ralph. A fully paid policy seems like a straightforward way to ensure continued coverage.
Ralph: No problem, Morgan. It’s a convenient option for individuals looking for long-term insurance protection without the hassle of recurring payments.