Insurance

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.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Breaking Down the Parts of Medicare

Breaking Down the Parts of Medicare

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.

Applying for Life Insurance? Here's What to Expect

Applying for Life Insurance? Here's What to Expect

Applying for life insurance isn't exactly simple, but it shouldn't be scary either. We've outlined exactly what you can expect when pursuing a new policy.

Insuring Your Second Home

Insuring Your Second Home

There are unique risks of owning a second home and obtaining the proper coverage may protect you from financial risk.