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.

Use insurance premium in a sentence

  • The insurance premium was too high for our company. We want to protect against losses but not at that high cost.

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  • Getting a good insurance premium can help to alleviate many of your concerns of potential bankruptcy due to a disaster.

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  • I wanted to buy insurance with this company because the salesman told me they had the best insurance premium and I believed him.

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