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Premium exemptions

Premiums paid during a person’s lifetime on his own life may be regarded as normal expenditure out of income and therefore exempt from inheritance tax. Such premiums are not ‘normal expenditure’ if an annuity was purchased on his life unless they were not associated operations, i.e back to back. Policies and annuities are not regarded as associated operations if, first, the policy was issued on full medical evidence of the insured’s health, and, secondly, it would have been issued on the same terms if the annuity had not been bought.

Premium Gross

(a) Entire periodic premium for a particular type of Insurance, consisting of the net premium plus loadings (b) Premium for participating Insurance before deduction for anticipated dividends.

Premium Income

The amount of premium that a Lloyd’s name may write in a given year, determined by the size of the Name’s wealth, deposit and whether or not incorporated.
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The income of an insurer from premiums.

Premium Limit

The maximum total of premium that may be accepted on behalf of an underwriting member of Lloyd’s. The limit is governed by the underwriter’s means and the amount of the premium deposit he has made.