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Pra Pre Prh Pri Pro Pru

Premium portfolio

an amount payable by a reinsurer to a cedant in consideration of the release of the reinsurer from all or part of the liability arising under a reinsurance contract for claims occurring after a specified date under all or certain underlying contracts incepting prior to that date.
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The unearned premium debited to an outgoing reinsurer (loss portfolio withdrawal) and credited to the incoming reinsurer as in loss portfolio entry.

Premium Pure

The portion of the premium calculated to enable the insurer to pay losses and in some cases, allocated claim expenses or the premium arrived at by dividing losses by exposure and in which no loading has been added for commission, taxes and expenses.

Premium rate

MEDICAL,USA: 1. Cost of a unit of insurance coverage for an individual insurance policy. 2. Dollar amount for group insurance coverage that is stated in a master plan. Also called contract rate .
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UK: Amount charged for each unit of insurance or variable associate, e.g. turnover, reflecting the level of activity. The rate varies according to the degree risk (e.g. high, medium, low) and breadth of the cover. The rate may be per class or a rate per cent (or per mille).
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Price per unit of Insurance, usually per Rs. 100 or Rs. 1,000 per year.
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The cost of insurance, broken down to a per-unit cost.

Premium receipt

A receipt issued to the policyholder by the insurer or the insurer’s agent which proves that payment has been received.
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An acknowledgement that a premium has been received.
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MEDICAL,USA: Written document given to a policy owner by an insurance company or insurance agent as acknowledgement of an initial premium.

Premium Reducing for Marine Hull

Should a vessel be lost soon after the risk has attached, the owner in fact, loses the premium which would have covered him for the entire period of one year. This Policy covered premium on the Hull and Machinery. Freight and disbursements interests including premium on premium reducing Policy following total loss of the vessel. The amount of indemnity is reduced by 1/12 monthly.