insurance premium
Definition
Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy. A failure to pay premium when due automatically cancels the insurance policy which, upon payment of the outstanding amount within a certain period, may be restored.
insurance premium is in the General, Marine, & Life Insurance subject.
insurance premium appears in the definitions of the following terms:
insured value,
front end ratio,
experience rating,
escrow account,
trust account,
cash surrender value (CSV),
no claims bonus,
prepaid expenses,
catastrophe swap,
standing order
and
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