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.
Related Content
What is a Liability?
Do you know what a Liability is?
When is the Right Time to Buy Life Insurance?
It's never too early to start thinking about life insurance. Waiting until you're older or in poor health is never a good idea.
The Five Basics of Financial Literacy
How literate are you when it comes to your finances? Brush up with these five basics.