He has paid the premiums to have his wife's life assured.
(Note Assure, assurer and assurance are used in Britain for insurance policies relating to something which will certainly happen (such as death); for other types of policy (i.e. those against something which may or may not happen, such as an accident) use the terms insure, insurer and insurance. In the US insure, insurer and insurance are used for both.)
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mutual fund custodian
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