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.
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.
Choosing to bear the financial burden of an adverse event is called self-insuring. Do you know what that entails?
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When you make an insurance claim, it can stay on record for up to seven years. Here's why CLUE reports are important and how they affect your premiums.