The following scenarios provide examples where the FAP would be calculated and available for display:
![]() | A policy with a period of insurance that is either longer than or shorter than 12 months, where the insurer has quoted an Annual Premium. |
![]() | Mid-Term Endorsements to extend or shorten the policy’s period of insurance. |
![]() | Mid-Term Endorsements to change the premium amounts due to addition or deletion of vehicles, or increasing/decreasing sums insured. |
![]() | Mid-Term Endorsements to charge a one-off special premium, i.e. the Client wants to increase the limit of indemnity from $1 million to $2 million for one week for a specific contract then it will revert to normal. |
![]() | Marine Cargo Monthly Declaration Policies, where there is no annual premium, but a series of monthly invoices based on monthly sendings. |
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article




