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

Is Term Life Insurance for You?

Is Term Life Insurance for You?

Term insurance is the simplest form of life insurance. Here's how it works.

What is Loss of Use?

What is Loss of Use?

Do you know what Loss of Use is?

A Look at Whole Life Insurance

A Look at Whole Life Insurance

Whole life insurance remains in force as long as you remain current with premiums. Here's how it works.