UK Accounting Glossary
The date on which an insurer will pay the face amount of a policy to the policy owner if the insured is still alive.
The date of maturity is the date on which a debt becomes due and payable. In the case of an installment debt, the date of maturity is the date on which the final payment is due. If final payment is not made by the date of maturity then a loan may be in default and penalties may be levied. As the date of maturity approaches it is possible to refinance certain types of debts, such as mortgages, in order to create a new date of maturity further into the future, but for other types of debts, such as corporate and government bonds, the date of maturity is fixed. The date of maturity is also known as the maturity date or simply as maturity.
The maturity date on his life insurance policy is listed as September 12th, just two days after he died.
The insurance company adjusted the maturity dates on all of the policies they issued after 1964, to compensate for the current longer lifespan estimates.
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This glossary post was last updated: 7th February 2020.