How do you calculate insurance rate?
The premium rate is calculated by dividing the sum insured by the sum assured. This means that if you have a sum insured of Rs 10,000 and a sum assured of Rs 1,000 then your premium rate would be 10%.
What is the difference between insurance premium and rate?
A person, and/or employer, usually pays premium monthly, quarterly, or yearly. Rates are the cost of a specific plan's benefits, adjusted for the age, zip code, smoking status, andfamily size of each possible insurance applicant.
What is an insurance premium rate?
Premiumis the dollar amount an insured person pays to the insurance company for the insurance coverage. A person, and/or employer, usually pays premium monthly, quarterly, or yearly.
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