What is the Definition of Premium?

What is the Definition of Premium?

The price of an insurance policy, typically charged annually or semiannually. (See Direct premiums; Earned premium; Unearned premium)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Premium?

You can find random definition and meaning of insurance terms below:


What is the meaning of Supplemental heating device

A fuel-burning appliance used as secondary heating source. Includes wood, coal and pellet stoves, cook stoves, freestanding stoves, freestanding fireplaces and fireplaces with inserts. To be insured, all units must have a separate flue, instead of sharing the flue of the primary heat source. A small, portable space heating unit is not considered a supplemental heating device.


What is the meaning of Title

A legal document or certificate showing ownership of a vehicle.


What is the meaning of Uninsured and/or underinsured bodily injury coverage

Coverage which may protect against drivers without insurance, and/or drivers with insufficient policy limits to reimburse you for damages they caused. This coverage typically pays the difference between the amount recovered from the other driver and the amount of the damages, up to the limit of the policy.


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