What is an insurance premium?
A premium is the price you pay to buy an insurance policy. Premiums are your regular payments for many common insurance policies, including life, auto, business, homeowners and renters. If you fail to pay your premiums, you risk having your policy canceled.
What is an insurance premium answer?
The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.
What are premiums quizlet?
premium. the rate that an insured is charged; fee paid for insurance/rate charged. coverage. protection provided by the terms of insurance policy.
What is a premium simple definition?
Broadly speaking, a premium is a price paid for above and beyond some basic or intrinsic value. Relatedly, it is the price paid for protection from a loss, hazard, or harm (e.g., insurance or options contracts). The word "premium" is derived from the Latin praemium, where it meant "reward" or "prize."
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