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Stock Analysis, IPO, Mutual Funds, Bonds & More
Insurance

Definition of 'First Unpaid Premium'


Definition: First time default on premium payments by a policy holder is termed as First Unpaid Premium.

Description: With each premium payment a receipt is issued which indicates the next due date of premium payment. If the premium is not paid, this date becomes the date of first unpaid premium.

Also See: New Business Premium, Return, Annuity, Insurable Interest, Insurability

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