What is the meaning of premium payable?

What is an example of premium pay?

For example, work performed on a Saturday may be paid at time and a half whereas work performed on a Sunday or a holiday might be paid at double an employee's regular hourly rate. Some states have laws requiring premium pay for work performed on weekends or holidays.

What is premium in simple words?

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). The word "premium" is derived from the Latin praemium, where it meant "reward" or "prize."

What is the premium payable?

Premium Payable means the premium due from each Firm to a Qualifying Insurer (excluding any amount in respect of Insurance Premium Tax), whether or not actually received by that Insurer, less (only) any amount due to any intermediary acting as agent of that Firm for the purpose of obtaining professional indemnity ...

Can I change my premium paying term?

Simple. You can change your premium payment frequency to any of the four options (monthly, annually, half-yearly, quarterly) only on any policy anniversary i.e. the date when your policy completes a year. For example: Your 1st policy anniversary is that date when your term insurance policy completes 1 year.

What is the minimum premium payable?

The minimum premium is the amount that must be paid to put the policy in force. 7 This amount is usually insufficient to keep the coverage in force for life (unless the insured person is very young).

What is an example of a premium?

The monthly premium for your health insurance is deducted from your paycheck. Many customers are willing to pay a premium for organic vegetables. The offer applies to standard suite styles and varies for the themed and premium suites.

What does 100% employer paid premium mean?

That is, the employer pays 100% of their employees' health plan premiums. No extra payroll deduction or other ongoing costs to worry about.

What is the premium payable period?

Premium Payment Period means the period of time for which the Policyholder chooses to pay Premium. The Policyholder may choose a Premium Payment Period of a month, six months or one year. Premium Payment Period means the number of years for which premiums of the Basic Policy are payable.

Why do people pay premium?

Key Takeaways

An insurance premium is the amount of money an individual or business must pay for insurance protection. Insurance premiums are paid for policies that cover healthcare, auto, home, life insurance, liability, and other types of protection.

How do you calculate premium pay?

Multiply the regular rate of pay by 0.5 to get the overtime premium rate. Multiply the overtime premium rate by the number of overtime hours worked. Add the overtime premium pay to the piece rate pay to get the employee's total pay.

What is a premium and when do you pay it?

An insurance premium is the amount you pay to your insurer regularly to keep a policy in force. You may be able to pay premiums monthly, quarterly, every six months or annually, depending on your insurance company and your specific policy.

Can a premium be refunded?

If you pay your full premium upfront, then you'll typically get a refund when you cancel your policy. If you pay your premium monthly, then you may or may not get a refund depending on when you cancel.

What happens if I stop paying premium?

The policy will lapse when you stop paying premium

In other words, you will no longer be eligible for all the benefits under the policy.

What is the meaning of premium payment term?

Definition of Premium Payment Term

The premium payment term in insurance refers to the duration or period during which the policyholder is required to make premium payments for their insurance policy. It specifies the timeframe over which the premiums are to be paid to keep the policy in force and active.

Why is premium paid?

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 does it mean to pay a premium?

Premium pay refers to increased compensation that may be provided to an employee for a variety of reasons: Working what are typically less desirable hours or days, such as holidays or weekends.

How is premium calculated?

Insurance premium is determined by several factors, including an insured's age, health, coverage amount, and risk profile. Premiums are determined by actuarial data and statistical models.

What is a premium example?

Examples of premium in a Sentence

Noun Health insurance premiums went up again this year. The monthly premium for your health insurance is deducted from your paycheck. Many customers are willing to pay a premium for organic vegetables. Adjective lavish feasts at which premium wines flowed freely.

Does premium mean monthly?

Insurance premiums are usually a monthly charge that's determined by your insurance company, and if you enroll through work, also by your employer. These payments are how you keep your policy active and available to cover any claims you may file.

What can I use instead of premium?