Definition of ‘First Unpaid Premium’

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efinition: 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.

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References:
-http://economictimes.indiatimes.com/definition/first-unpaid-premium
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