A form that covers a robbery that takes place outside of the insured premises. This form usually does not cover money or securities.
Insurance Encyclopedia
Premium
MEDICAL,USA: Cost of insurance coverage paid by the insured person either monthly, quarterly, or annually, to Medicare, an insurance company, or a managed care plan that keeps the policy in force.
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Payment required for Insurance. The price of insurance protection for a specified risk for a specified period of time:
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UK: sum paid by the policy holder to the insurer as consideration for the assumption of risk by the insurer (originally the additional interest paid on a bottomry bond as consideration for the loan being written off in the event of the loss of the cargo or vessel on which the loan was secured).
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The amount charged by an insurer or reinsurer as the price of granting insurance or reinsurance cover, as stated before or after the subtraction of brokerage and other deductions.
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The amount of money an insurance company charges for insurance coverage.
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US: The amount of money an insurer charges to provide the coverage described in the policy or bond. See TIC 225.001(5).
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The amount of money the insured pays the insurer to purchase insurance.
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The amount of payment due for insurance coverage that lasts for a certain time period, usually a month or a year.
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US: The sum paid by a policyholder to keep an insurance policy in force.
Premium (written/unearned/earned)
Written premium is premium registered on the books of an insurer or reinsurer at the time a policy is issued and paid for. Premium for a future exposure period is said to be unearned premium. For an individual policy, written premium minus unearned premium equals earned premium. Earned premium is income for the accounting period, while unearned premium will be income in a future accounting period.
Premium Adjustment Endorsement
Property or liability Insurance Policy endorsement under which a deposit premium is charged at the beginning of the Policy period, periodic reports of exposures are made during the Policy period or at the end of its, and premiums are adjusted as reports are received or at the end of the Policy period.
Premium adjustment form (Property Insurance)
A form under which a premium is made at the beginning of the term as a deposit. Throughout the policy term, reports are made by the insured detailing the potential exposures, and the premium amount is adjusted at the time the report is reviewed or at the end of the policy term.
Premium advice note
A note sent by a broker to an insurer or policy signing office when the broker’s client has been debited with the premium or credited with a return premium.
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A note sent to an insurer or a policy signing office by an insurance broker when the broker’s client is debited with the premium or credited with a return premium.
Premium and dispersion credit
A method of allowing certain credits to large commercial property risks with two or more locations. These credits are based on the fact that there are several locations that are dispersed and, therefore, represent a reduced hazard. Efficiency of management in loss prevention, plus expense savings in handling large amounts of insurance under one policy are also considered.
Premium and dispersion credit plan (Property Insurance)
A plan that allocates credits to commercial property policyholders with multiple locations. The credits are awarded because the multiple locations constitute a reduced risk, because the potential losses are divided between them. Other factors that may also result in credits.
Premium auditor
A person who examines a liability insurance policyholder’s insurance records (e.g. sales or payroll) at the end of the policy term to determine if the basis for the premium charge has either increased or decreased.
Premium Balances
Premium and agents’ baleens in course of collection; premiums, agents’ balances and installments booked but deferred and not yet due bills receivable, taken for premiums and accrued retrospective premiums.