prepaidpre·paid /ˌpriːˈpeɪd◂/ (also pre-paid) adjectiveadj1prepaid amounts are payments for things that you have not yet receivedThe pay phones are designed for phone cards and generate more than $2 billion in prepaid revenues.
→ see also freight prepaid 2FINANCE a prepaid loan is repaid to the lender before the normal timeThe loan for the dam was prepaid after criticisms of the way the project was financed.
4INSURANCE prepaid insurance contracts are to pay for services that may be needed by the insured person in the futureEveryone has legal needs and the latest option is a prepaid package from Midwest Legal Services.