Insurance

What is a Premium?

Premium

[pree-mee-uh m]

noun

1.

A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.

Have A Question About This Topic?

Thank you! Oops!

Related Content

The Richest Man in Babylon

The Richest Man in Babylon

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

6 Reasons Millennials Should Buy Life Insurance

6 Reasons Millennials Should Buy Life Insurance

Life insurance is more than a savings account for your loved ones. Learn the ins and outs of this valuable financial asset and see why it is important no matter your age.

What to Do When You Lose Your Wallet

What to Do When You Lose Your Wallet

Ever lost your wallet? Frustrating. Here’s what you can do to keep yourself safe.