What Is A Premium On Insurance

What Is A Premium On Insurance

Insurance Learner Driver, Learner Driver or Provisional Insurance, 4.39 MB, 03:12, 3,981, First Car, 2021-05-07T18:28:51.000000Z, 19, , , , , , 0, insurance-learner-driver, KAMPION

An insurance premium is a sum you pay periodically to keep your insurance policy active and in force. Depending on your insurer and the type of policy you have, you can make payments monthly. An insurance premium is the amount of money the insurance company charges you for the insurance policy you buy from it. The protection charge is the expense of your protection.

Definition and examples of an insurance premium. The premium is the price charged by the insurer, an insurance company, for providing insurance coverage. Premiums are revenue or a source of income for the insurance company. Premiums can be due monthly, quarterly, annually, or on a special timetable that the insured agrees to. Failure to pay the premium may result in the cancellation of the. Simply defined, an insurance premium is the price of your insurance policy. When you buy home or auto insurance, you sign a contract that says you agree to pay your premium in exchange for a certain amount of coverage from the insurance company. Your car insurance premium is the amount you pay — either every month, every six months or annually — for car insurance coverage. Your insurance premium will vary in cost, depending on your insurance provider, the type of coverage you choose, your car insurance deductible and several other factors.

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