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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-perils agreement

A vital aspect of insurance contracts is the specification of covered perils. This refers to the events or risks that the insurer agrees to protect the policyholder against....

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Void

A policy contract may be rendered null and void if certain conditions specified within the contract are not met. For instance, if a policyholder provides false information, ...

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Non-Standard Life

A Non-Standard Life refers to an individual who is unable to obtain a policy at the standard rate of premiums, but can be granted a policy at an additional premium over the ...

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Unplanned retention

Risk-taking is a fundamental aspect of finance, and it involves recognizing and accepting potential risks. However, the concept of implicit risk refers to a situation where ...

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