Insurance Premium
/ɪnˈʃʊərəns ˈpriːmiəm/
Definitions
- (n.) The periodic payment made by the insured to the insurer to maintain coverage under an insurance policy.
The insured must pay the insurance premium monthly to keep the policy active.
Forms
- insurance premium
- insurance premiums
Related terms
See also
Commentary
Commonly treated as a fixed amount or variable based on risk factors; precise premium computation is key in contract drafting and regulatory compliance.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.