What is base premium in insurance?
Basic Premium — the underwriting and administrative expense component of premium; amounts required for adjusting of expected losses (see unallocated loss adjustment expenses (ULAE)). It is added to the pure premium to produce the standard premium.
Which are the two types of premium?
1. Lump sum: Pay the total amount before the insurance coverage starts. 2. Monthly: Monthly premiums are paid monthly.
What does base coverage mean?
Under Base Coverage, all charges (medical and prescription drug) apply to the calendar year deductible. Under Select Coverage, there is a separate deductible for medical charges and a separate deductible for prescription drug charges. There are also differences in the coinsurance/copayment maximums.
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