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fund that is closed to new business. It is therefore running off its portfolio of insurance liabilities, but not issuing new policies, until the final policy matures, which may be many years into the future.
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19:"Closed fund" redirects here. For a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund, see
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In some cases, closed funds will at some point merge with other life insurance funds, or be transferred to another company, in order to achieve
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With-profits life insurance fund that is closed to new business
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Closed funds can attract negative coverage, as in the case of
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