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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'.

Alternative dispute resolution (ADR)

When faced with a dispute, there are alternatives to the traditional route of heading straight to court. These methods, known as alternative dispute resolution (ADR), can pr...

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Endowment Plan

In the world of finance, there exists a concept known as a life insurance policy. This is a carefully crafted agreement between a policyholder and an insurance company, wher...

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Pair-and-set clause

Insurance companies often use a method called "pair and set" valuation to determine the amount of compensation for lost items. This approach takes into account the differenc...

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Comprehensive coverage

Let's discuss a crucial aspect of auto insurance - comprehensive coverage. This segment of your policy safeguards your vehicle against damages that do not involve a collisio...

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