Initial Premium
Premium paid at the time a policy goes into effect. With some policies, such as group health insurance, premiums are subject to adjustment at the end of the policy period to reflect loss experience. If the loss experience is good (that is, if the losses are smaller than anticipated in the premium loading), a significant premium reduction can be made at the end of the policy period, with a refund going to the policy owner.
Popular Insurance Terms
Separate trust established by a charitable entity whose purpose is to receive contributions from numerous donors. All the donors' contributions are commingled. Each donor can retain a ...
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but ...
number of serious injuries per 1,000,000 employee-hours worked. ...
a contract in life insurance that includes elements of whole life and term insurance. in pensions, a combined life insurance policy and a side (auxiliary) fund to enhance the amount of a ...
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Method of establishing rates in which the current year's premium is calculated to reflect the actual current year's loss experience. An initial premium is charged and then adjusted at the ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually made. ...
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