How are premiums paid by the insured?
The insurance premium may be paid on an annual, semi-annual, or monthly basis. If the insurance company decides that it wants the insurance premium paid upfront, it may also require that.
What is insurance premium paid by bank?
Insurance premium paid is an expense for the business. When it is paid by the bank on behalf of the business, it reduces the balance in the pass book. However, it has not been recorded in the cash book yet. This results in the balance as per pass book to reduce when compared with balance as per cash book.
Why insurance premium is paid?
Insurance premiums are the basic source of income for insurance companies. They use the amount received to pay for the coverage for the claims made against the policies. Also, the insurance company can invest some of the amounts to get higher returns.
What is premium to be paid?
To pay a premium generally means to pay above the going rate for something, because of some perceived added value or due to supply and demand imbalances. To pay a premium may also refer more narrowly to making payments for an insurance policy or options contract.
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