premium payment
Coverage cost remittance
A premium payment is the amount paid to maintain an insurance policy, typically due monthly, quarterly, or annually.
Missing premium payments can cause a policy to lapse: Her life insurance lapsed after she stopped making premium payments.
The term also applies to payments above standard rates for enhanced service or priority access.
- insurance policyAgreement guaranteeing financial protection
- invoiceItemized billing statement
- remittanceFunds sent elsewhere
- policyholderOwner of insurance contract
- installmentPeriodic partial payment
due date · credit card · agreement · coverage · coverage amount · terms and conditions · fine print · renewal · direct debit · bank transfer · billing cycle · beneficiary · deductible · underwriter · penalty clause · indemnity · surcharge · transaction fee
- life insuranceterm life, whole life, life insurance, beneficiary, death benefit
- financial contractsfutures contract, forward contract, insurance policy, derivative, annuity
- insurance claimsclaim form, claim filing, claim settlement, claims processing, claims adjuster
- annuitiesannuity, annuitant, annuitization, guaranteed income, lifetime income