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.
Related Content
What is a Carrier?
Do you know what a Carrier is?
What is a Policy?
Do you know what a Policy is?
Did You Know Your Insurance Claims Aren’t Secret?
When you make an insurance claim, it can stay on record for up to seven years. Here's why CLUE reports are important and how they affect your premiums.