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 Loss?
Do you know what a Loss is?
When Does Your Personal Car Become a Commercial Vehicle?
At what point can you call a personal vehicle commercial?
Insurance Needs Assessment: When You're Newly Married
Marriage changes everything, including your insurance needs.