What is an inforce premium?
Basically, referring to an insurance policy as being in force is just another way of saying it's active. The insurance policy's premium has been paid, and coverage now applies to the policyholder. The policyholder keeps their insurance in force by continuing to pay their premium.
What does inforce mean for life insurance?
In-Force Business — the total dollar amount of paid-up and current insurance policies that a life or health insurer carries on its books. A life insurance company's in-force business is the aggregate of all policy face values in its portfolio. A health insurance company's in-force business is its total premium volume.
What is a premium payment?
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. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.
What is the meaning of inforce status?
In-force status means a condition during thePolicy Term, wherein the Policyholder has paid all the due premiums under the Policy contract. Sample 1. In-force status means a condition during the term of the Policy, wherein the Policyholder has paid all the d ue p remi ums under the Policy contract.