A book of receipts kept for the payment of premiums.
Tag: RAW
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.
Premium reduction option
Stated choice in which life insurance policy dividends are applied to the payment of renewal premiums.
Premium refund
Dollar amount returned to the insured because of favorable experience. Also called dividend, experience refund, experience rating refund, and retroactive rate reduction.
Premium refund (Life Insurance)
A provision in certain policies that allows the beneficiary to be paid the face amount of the policy as well as the total amount of the premiums paid.
Premium Relief
Income tax relief on qualifying policies like “Mediclaim”, “Bhavishya Arogya” etc.
Premium reserve
Insurers earn the premium paid for an insurance policy over the life of the policy. In other words, one-twelfth of an annual premium is earned each month. An unearned premium reserve is maintained on an insurer’s balance sheet to reflect the unearned premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared.
Premium Restoration
The premium charges to restore an Insurance or surety contract to its original amount after payment of a loss.
Premium Return
Premium returned to Policy holders principally on cancellation or partial cancellation of contracts, one rate adjustments, or on determination that an advance premium is in excess of the actual premium
Premium Risk
The amount of premium required to cover claims expected of a risk, i.e., average claim amount i.e., average claim frequency. It may alternatively be expressed as a rate per unit of exposures.