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Insurance

Occurrence policy

A type of insurance that covers expenses for occurrences that happen within a specific period, regardless of when the claims are made. This policy provides financial protection for unforeseen incidents that may arise in the future. It ensures that the policyholder is not liable for costs associated with these events, even if they take place years after the policy has expired. This type of coverage is valuable for individuals and businesses alike, as it offers peace of mind and safeguards against potential financial burdens.

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 ...

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Accelerated death benefit

Let's take a closer look at a common finance term - accelerated benefit. This refers to a portion of a policy's face amount, adjusted for interest, that can be received by t...

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Automatic coverage

In the world of insurance, an insurer will often agree to provide coverage for accidents caused by any machinery that falls under the same category as the one specifically m...

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Insurance companies incur various expenses in order to operate and provide coverage to their customers. These expenses, known as overhead or administrative expenses, are nec...

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