| 释义 |
survivorship policy
noun[ C ]
INSURANCE, TAXukus(alsosurvivorship contract)
insurance for owners who share a business or property which pays out only after the last owner dies, so that there is money to pay the related tax without selling the asset:
Estate tax can force the heirs to the owners of a small family business to sell in order to pay the tax when Mom and Pop do not have a survivorship policy.
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