What does Insurance Premium mean? Read on to discover the definition & meaning of the term Insurance Premium - to help you better understand the language used in insurance policies.
Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy. A failure to pay premium when due automatically cancels the insurance policy which, upon payment of the outstanding amount within a certain period, may be restored.
We hope the you have a better understanding of the meaning of Insurance Premium.