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Insurance Policy Premium

References

2021

  • (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/insurance Retrieved:2021-4-26.
    • Insurance is a means of protection from financial loss. ...

      ... The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. …

2021

  • https://www.investopedia.com/terms/i/insurance-premium.asp
    • QUOTE: An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance.

      Once earned, the premium is income for the insurance company. It also represents a liability, as the insurer must provide coverage for claims being made against the policy. Failure to pay the premium on the part of the individual or the business may result in the cancellation of the policy.