(i) The original premium before any original discounts have been applied, Gross premium is a raw premium before subtracting cost for Reinsurance or at times before any return premium. (ii) Premium income without deduction for Reinsurance premiums.
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Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums.
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Pure premium adjusted upward to include insurer expenses.
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MEDICAL,USA Total price of an insurance policy to be paid by the policyholder before any discounts are applied such as subtracting costs for reinsurance or returning premium. The total price of the policy is the cost of a unit of insurance protection quoted from a rating manual plus the basic rate that covers expenses to the insurance company in maintaining the business.