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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'.

Primary company

Reinsurance, a common practice in the insurance industry, refers to the transfer of risk from one insurance company to another. The reinsurer, often a larger and more financ...

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Protection and Indemnity (P&I) clause

"Let's discuss the importance of marine liability insurance for ocean-going vessels. This type of insurance provides protection against financial losses resulting from third...

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Primary Policy

In the world of finance, it's important to understand the concept of "primary insurance." This refers to the insurance policy that takes precedence over any others when it c...

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Indirect loss

A professor of finance understands that in the world of risk management, there are various types of losses that can occur. One such loss is known as an indirect loss, which ...

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