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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'.

Indemnify

The primary purpose of insurance is to indemnify the insured against any financial loss caused by an unexpected event. In simpler terms, insurance aims to restore the insure...

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Estate taxes

In finance, we often encounter the term "property taxes." This refers to the taxes paid by the policyholder on their fixed assets, such as buildings, land, plant and machine...

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Pre-loss activities

Realizing the importance of mitigating potential financial losses, proactive strategies are put in place to prevent such occurrences. These methods primarily aim to reduce t...

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Unilateral contract

A legal agreement, like an insurance contract, where one party is obligated to fulfill promises that are legally binding. This type of contract is known as a unilateral cont...

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