What Does Advance Premium, or Deposit Premium Mean?

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What does Advance Premium, or Deposit Premium mean? Read on to discover the definition & meaning of the term Advance Premium, or Deposit Premium - to help you better understand the language used in insurance policies.

Advance Premium, or Deposit Premium

Advance Premium, or Deposit Premium

The premium for many policies depends on payroll or some other factor which can only be determined accurately at the end of the policy period. In such cases, an estimated premium is charged in advance and an adjustment is made at the close of the policy term.

We hope the you have a better understanding of the meaning of Advance Premium, or Deposit Premium.

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