Final answer:
The kind of life insurance policy that is paid up after a set number of years of premium payments is called Limited-pay Life insurance.
Step-by-step explanation:
The life insurance policy that requires an insured to only pay premiums for a specified number of years until the policy is fully paid up is known as Limited-pay Life insurance. This type of policy is designed for individuals who want to pay for their life insurance coverage within a certain time frame, after which the policy remains in effect without the need for further premium payments. Once the payment period is complete, the policy is considered paid-up and the insured is covered for life.