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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'.

Vicarious liability

As a finance professional, it is important to understand the concept of vicarious liability. This refers to the legal responsibility one may have for the actions or wrongdoi...

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Social insurance

Publicly operated insurance plans are commonly mandatory and provide coverage for individuals. These plans are often established by government agencies and can vary in terms...

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Catastrophe

In the realm of finance, there exists a term known as "catastrophe". This term is commonly used for statistical purposes to denote a single event or a string of closely linke...

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Life Annuity

An annuity is a financial product that provides a steady stream of income to an individual for the duration of their life. This can include monthly, quarterly, or other regu...

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