What is a premium quizlet?
Asked by: Minerva Pfeffer | Last update: August 4, 2023Score: 4.3/5 (12 votes)
Premium. The premium is the amount paid to an insurance agency for a health insurance policy. The premium is often paid on a monthly basis. Deductible.
What is the definition of premium quizlet?
premium. the rate that an insured is charged; fee paid for insurance/rate charged. coverage.
What is a premium '?
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.
What is the definition of premium in insurance quizlet?
An insurance premium is the amount of money that an individual or business must pay for an insurance policy. The insurance premium is income for the insurance company, once it is earned, and also represents a liability in that the insurer must provide coverage for claims being made against the policy. Deductible.
What is a premium in insurance?
The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.
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What is premium example?
Premium is defined as a reward, or the amount of money that a person pays for insurance. An example of a premium is an end of the year bonus. An example of a premium is a monthly car insurance payment. noun. 1.
What does it mean to pay a premium?
Premium is an amount paid periodically to the insurer by the insured for covering his risk.
What is a premium Everfi?
Premium. The amount you pay the insurance company for coverage, typically paid each month. Deductible.
What is an insurance premium Everfi?
the amount of money you pay for an insurance policy.
What does premium mean in business?
Broadly speaking, a premium is a price paid for above and beyond some basic or intrinsic value. Relatedly, it is the price paid for protection from a loss, hazard, or harm (e.g., insurance or options contracts).
What is premium Wikipedia?
Premium (marketing), a promotional item that can be received for a small fee when redeeming proofs of purchase that come with or on retail products. Premium segment, high-price brands or services in marketing, e.g.: Premium business model, offering high end products and services. Premium domain.
What is a premium in life insurance?
A life insurance premium is the payment that you pay your life insurance company in exchange for your life insurance policy coverage. Typically, you pay your premium once a month or once a year.
What is premium and types of premium?
It is the price that an individual or business wanting to get covered under an insurance policy, pays to the insurer. The insurance premium is an income to the insurer. The quantum of premium varies depending on insurance policies. It also depends on factors like the type of coverage: Age-group the policyholder belongs.
How is the premium in an insurance policy determined quizlet?
Insurance premiums are individually assigned to each policy as part of the underwriting process. While they are assigned by the insurer's underwriters, premium rates are developed by the company's actuaries (i.e., insurer mathematicians).
What is the annual premium quizlet?
The premium is what the policyowner pays to maintain insurance protection. It reflects the risk that the insured represents to the insurer. The greater the risk, the higher the premium. Amount depends on; -Mortality (death rate for class of insureds)
What determines your insurance premium quizlet?
Factors that can affect an auto insurance premium are: -Value of the insured vehicle: the higher the value of the car, the higher the premium. -Repair record of the car: the more easily car damage can be repaired, the lower the premium. -Your age: younger drivers have less experience and pay higher premiums.
How does a Premium work?
A premium is the amount of money charged by your insurance company for the plan you've chosen. It is usually paid on a monthly basis, but can be billed a number of ways. You must pay your premium to keep your coverage active, regardless of whether you use it or not.
What is an insurance deductible quizlet?
What is a deductible? The amount of the loss you pay when you file an insurance claim before the insurance company pays any money.
What is net pay Everfi quizlet?
Net Pay. The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is. Good ways to track your budget.
What is a premium Everfi answers?
Premium. The amount you pay your insurance company for coverage. It is usually paid each month.
What is premium in accounting?
In finance and accounting, a premium is any additional cost charged on top of an asset's usual cost.
What is a loss Everfi?
an amount of money lost by a business or organization.
What does it mean to go premium?
As an adjective, premium describes something of superior quality, so Go premium is probably an invitation to buy a better version of the game.
What is the meaning of primum?
: the outermost concentric sphere conceived in medieval astronomy as carrying the spheres of the fixed stars and the planets in its daily revolution.
What is a premium product?
Premium products are typically defined as products that cost 20% more than the average category price. The fact that demand is growing for more expensive products might seem counterintuitive, but it's true.