Insurance

What is a Premium?

Premium

[pree-mee-uh m]

noun

1.

A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.

Have A Question About This Topic?

Thank you! Oops!

Related Content

What is a Loss?

What is a Loss?

Do you know what a Loss is?

Fixed or Variable Mortgage, Which Should You Pick?

Fixed or Variable Mortgage, Which Should You Pick?

When selecting a mortgage, one of the most critical choices is between a fixed or variable interest-rate mortgage.

Spotting Credit Trouble

Spotting Credit Trouble

The wise use of credit is a critical skill. These 10 questions will help you assess your skill level.