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What does insurance premium mean?
The premium is the cost that you must pay to have the insurance.
Is net premium written gross premium written less net ceded premium meaning gross ceded premium less ceding commission?
Net Premiums written = Gross Written premium less deductions for commissions and ceded reinsurance.
Does insurance premium mean monthly?
No. The premium is the price you pay for the coverage. Depending on your insurance company, the premium may be paid all at once or in payments.
What does the word premium mean?
Premium is an amount to be paid for an insurance policy or something given as an award.
Does having three accidents mean your insurance will be canceled?
No, the insurance company will not cancel your insurance for having three accidents, but they will increase your insurance premium.
What is the meaning of reinurance premium ceded?
Premium paid to reinsurers under reinsurance treaties to transfer a portion of the insurer's risk.
What is a single premium life insurance?
single premium life insurance: Single premium life insurance is a form of life insurance that's paid with one upfront lump-sum premium. Once you've purchased a single premium policy, you would receive a permanent death benefit that extends until you die.
What does the term 'premium volume' mean?
The term premium volume is a measure of in-force business in a health insurance company. In-force business refers to the aggregate total of insurance policies which are being paid that a health insurance firm has on its record.
Which of these will not cause your insurance premium to be higher?
Having a high deductible will not cause your insurance premium to be higher.
What is the journal entry for payments of insurance premium?
debit insurance premium expensecredit cash / bank
What is premium loading in insurance?
Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.
What is a car insurance premium?
A car insurance premium is the amount of money paid to an insurance company for a 6 month period. It is cheaper to pay the full premium that pay each month.
