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?
What is a Loss?
Do you know what a Loss is?
What is the Value of Your Business?
Ascertaining the value of your business is important for a variety of reasons.