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Insurance

First Unpaid Premium(FUP)

In the realm of insurance, the term 'first unpaid premium' signifies the initial instance of a policy holder failing to make their premium payment. When a premium is paid on time, a receipt is provided which denotes the next due date. However, if this due premium is not fulfilled, that date transforms into the 'date of FUP'.

Named insured

The policyholder is the person who holds the insurance contract and is the designated individual covered under the policy. This individual is specifically identified and nam...

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Fidelity bond

One crucial aspect of managing finances is having a clear understanding of insurance terminology. In particular, the concept of fidelity insurance is highly relevant for bus...

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Optionally renewable

A policy that can be terminated by the insurer on the yearly anniversary date without any limitations. The insurer is free to cancel the policy at any time, as long as it fa...

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Revocable beneficiary

A beneficiary designation in life insurance is a crucial aspect that can be altered by the policy owner. This allows the policy owner to designate a specific individual or e...

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