A basic Car insurance premium is the amount you pay to your insurance company on a regular basis, often every month or every six months, in exchange for insurance coverage. Once you've paid your premium, your insurer will pay for coverages detailed in the insurance policy, like liability and collision coverage.
What is basic premium 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. In life insurance, the basic premium also includes agent commissions.
How is basic premium calculated?
The basic premium is calculated by multiplying the basic premium factor by the standard premium. The converted loss is calculated by multiplying the loss conversion factor by the losses incurred. The basic premium is less than the standard premium because of the basic premium factor.
What is a basic premium rate?
Base premium rate means the lowest premium rate chargeable under a rating system to small employers with similar case characteristics and the same or similar benefit design charac- teristics in the same class of business.
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