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 premium base in insurance?
Premium base\n\n They indicate how the insurance premiums are determined and applied. The premium principles are approved by the insurance company's board of directors. The company must apply them uniformly to all policyholders. The premium principles are not public.
What is the meaning of basic insurance?
Related Definitions\n\n Basic coverage means health care coverage that at a minimum provides coverage for emergency care, inpatient and outpatient hospital care, physician services whether provided within or outside a hospital setting, and laboratory and x-ray services.
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.
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