What Does Prepayment Mean?

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

Prepayment

Prepayment

Prepayment refers to settling an account or paying money for a service or product before the due date. Insurance can be prepaid by paying the premium before the start of coverage.

We hope the you have a better understanding of the meaning of Prepayment.

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