Premium Period
/ˈpriːmiəm ˈpɪəriəd/
Definitions
- (n.) The fixed time span during which an insurance policy premium must be paid to maintain coverage.
The insured failed to pay the premium period, resulting in policy cancellation.
Forms
- premium period
- premium periods
Related terms
See also
Commentary
The premium period is crucial in insurance contracts as it determines when payments are due to keep the policy active; careful drafting ensures clarity on deadlines and consequences of missed payments.
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.