How are premiums paid by the insured?
The insurance premium may be paid on an annual, semi-annual, or monthly basis. If the insurance company decides that it wants the insurance premium paid upfront, it may also require that.
What is insurance premium paid by bank?
Insurance premium paid is an expense for the business. When it is paid by the bank on behalf of the business, it reduces the balance in the pass book. However, it has not been recorded in the cash book yet. This results in the balance as per pass book to reduce when compared with balance as per cash book.
Why insurance premium is paid?
Individuals purchasing coverage through a marketplace can pay their premium directly to the insurance company. The marketplace in some states may also allow enrollees to pay the premium to the marketplace, which will then transfer the payment to the insurer(s).
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