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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'.

Maximum possible loss

In finance, we often use the term "maximum potential loss" to refer to the most extreme outcome that could arise from a particular event. This could be a financial loss, suc...

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Direct response

Insurance distribution refers to the process of providing insurance to customers without the involvement of intermediaries. This can be done through direct mail, telephone, ...

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Adjustable Life Insurance

Life insurance policyholders have the option to modify their policy through a facility known as policy conversion. This allows for changes to the insurance plan, adjustments...

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Rider

An addendum, also known as an attachment, is a crucial element of an insurance policy that modifies its coverage or terms. This document is often overlooked but holds great i...

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