Least premium specified in a rating manual or in Underwriting rules, for which a Policy or an endorsement can be issued or for which a unit of exposure can be insured.
Tag: RAW
Premium notice
A notice that provides the date a premium will be due.
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MEDICAL,USA: Billing statement to the insured requesting payment of the insurance premium on a specific due date.
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Notice of a premium due, sent out by the Company or one of its agencies to an insured. Synonym for “Renewal notice.”
Premium overwriting
See: OVERWRITING PREMIUMS.
Premium payment mode
Frequency in which premiums are payable in a policy year (e.g., monthly, semiannually, annually).
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 Present Rates
The premium component of experience adjusted to reflect what such premiums would have been had they been written at current premium rates.
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 receipt book
Book given to the insured when an insurance agent makes a policy sale during a home visit. It contains prenumbered receipts signed by the agent when the agent collects a premium.