Insurance premium
The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.
Definition
An insurance premium should be checked against the policy schedule, debit-order record, missed-payment notices, reinstatement terms, grace periods, exclusions, waiting periods, and claim date. Premium disputes often turn on timing, proof of payment, policy wording, cancellation notices, and whether the policy was active when the event happened.
Key takeaways
The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.
Insurance Law
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
Missed premium dispute
Insurance claim rejected
Policy cancellation
Related resources
Resources and guides
Insurance Law Evidence Pack
Insurance Law Evidence Pack: organise Policy wording, Policy schedule, Claim form and a dated evidence index before your consultation.
Insurance LawChecklistInsurance Law Fee and Scope Guide
Prepare fee and scope questions for a insurance law matter by separating consultation fees, fixed fees, hourly work, disbursements, official fees, exclusions, approval rules, and invoice controls.
Insurance LawChecklistInsurance Claim Checklist
Insurance Claim Checklist for preparing documents, facts, dates, and questions connected to insurance law.
Insurance LawFAQs
Insurance premium FAQs
What does Insurance premium mean?
The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.
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