Insurance

What is a Premium?

Premium

[pree-mee-uh m]

noun

1.

A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Did You Know This Fact About the Claims Process?

Did You Know This Fact About the Claims Process?

Claims can be left open as long as you need.

Life and Death of a Twenty Dollar Bill

Life and Death of a Twenty Dollar Bill

How long does a $20 bill last?

A Primer on Irrevocable Life Insurance Trusts

A Primer on Irrevocable Life Insurance Trusts

Irrevocable life insurance trusts can be important tools that may accomplish a number of estate objectives.