Documentation - Policy Condition - I

First Premium Receipt (FPR)

An Insurance contract commences when the life insurance company issues a FPR.
The FPR is the evidence that the policy contract has begun

FPR contains the following information's:

1. Name and address of the life assured
2. Policy Number
3. Premium amount paid
4. Method of frequency of premium payment.
5. Next due date of premium payment
6. Date of commencement of the risk
7. Date of final maturity of the policy
8. Date of payment of the last premium
9. Sum assured

The company may require a moral hazard report from an official of the insurance company