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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'.

Appraisal

As a professor of finance, it is crucial for you to understand the concept of insurable value. This refers to the amount of loss that can be covered by insurance for a prope...

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Free-of-capture-and-seizure (FC&S) clause

Marine insurance often contains a clause that specifically excludes coverage for losses incurred due to war. This means that any damages or losses resulting from a war or mi...

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Replacement cost

When discussing personal property and dwelling property insurance, we must understand the concept of replacement cost coverage. This type of insurance provides the full amou...

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Activities of daily living

Long-term care insurance policies often include specific activities that must be impeded in order for the policyholder to receive payment. These activities, including eating...

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