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
First premium receipt contains - Name and address of the life assured, Policy number, Premium amount paid, Method and frequency of premium payment, Next due date of premium payment, Date of commencement of the risk, Date of final maturity of the policy, Date of payment of the last premium, Sum assured
Grace period - clause grants the policyholder an additional period of time to pay the premium after it has become due. Grace period is ONE Month or 31 days
Reinstatement - It is the process by which a life insurance company puts back into force a policy that has either been terminated because of non-payment of premiums or has been continued under one of the non-forfeiture provisions
Ordinary revival - payment of arrears of premium with interest. A declaration of good health or some other evidence of insurability like a medical examination is necessary
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