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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'.

Binder

When an insurance company provides temporary coverage before the actual policy is issued, it is known as a temporary authorization of coverage. This temporary coverage is pu...

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Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor...

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Conditional contract

A fundamental concept in finance is the idea of a contract, where one party agrees to perform certain actions in exchange for another party's compensation. This is particula...

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Endowment

An endowment insurance policy offers the benefit of a lump sum payment in the event of the insured's death during the policy term or upon survival until the end of the term....

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