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What does insurance premium mean?
At lic u can pay advance premium for the next 5 years in advance at concessional rates. If the advance premiums falling in the next financial years, you will get discount of 5…% per year upto 5 year advance premiums--i.e. For the 5th year advance premium u will get discount upto 25 %. Maximum allowed is only 5 advance premiums or 5 years excluding the existing financial year premium. First u have to pay the existing fy premium without discount and then u can pay for the next 5 fy prm. With discount as said above. So u get a chance to pay 6 premiums altogether. By this u are earning 5 % interest in advance which is equivalent to 8% rd if u try calculation. Important thing is u r saving money, u will be given only advance prm. Receipt and after accounting on that that dates u will be provided with regular prm receipt after accounting. Only after accounting on that that years u will be eligible for it rebates. I am a new agent, only 2 years old in lic agency and i hope that i have cleared all your doubts with the knowledge available with me.
The insurance premium is the amount you pay the insurance company every month. The insurance deductible is the set amount which you pay out of pocket for repairs after you mak…e a claim. For example... you may pay $100 to the insurance company every month for the insurance policy and have a $500 deductible. If you file a claim you are expected to pay for $500 of the repairs yourself, while the insurance policy covers anything above that amount up to your max limits.
A "premium holiday" is a provision contained in some whole life insurance policies that permits the cessation of premium payments, usually in the event of economic hardship. P…remiums are paid from the accumulated cash value within the policy during this period. When the cash value has been exhausted, the policy is subject to lapse for nonpayment of premium.
Answer I need your question too be a little more in depth. Are you asking how insurance companies come up with the rate they charge.
annual base prenium mulply by the rating factor
Graded Premium Life is actually Graded Premium Whole Life Insurance coverage under which the initial premiums are less than normal for the first few years of the policy,… then the premiums gradually increase each of the next several years, until they become level (or the same) for the duration of the life insurance policy.
its paid on the value of goods travelling in it n value of the ship
Premium loading is an amount an insurance company adds to the basic premium to cover the expense of securing and maintaining the business.
No. The premium is the price you pay for the coverage. Depending on your insurance company, the premium may be paid all at once or in payments.
Answer Return of Premium (ROP) is a relatively new feature available in Term Life Insurance. The major drawback to Term Insurance is that if y…ou live beyond the stated term of the policy one of two things happens. It either ends completely and all your premiums are gone forever or it increases from the guaranteed premium to some new amount which is generally thousands of dollars more. A recent 43 year old female I quoted had a $325 premium guaranteed for 20 years but if she wanted to continue coverage in year 21 without being medically underwritten, the cost was over $7000. To solve this insurance companies added a Return of Premium rider. In the example above, if she lived for twenty years she could get all the premiums she paid back. There would be no interest or other enhancement, just the exact amount paid. However, to continue the example above, the premium amount with the ROP included would be $1103 for this woman. It is important to know that this idea has been extended to some other forms of coverage. One company that offers Defined Benefit Health plans and supplemental plans has a rewards program that does the same thing. If you keep the plan in place for five years you can get 50% of your premiums back, wait until year 7 and get 75% back or wait until year 10 and get 100% back. Many of my clients like their supplemental plan that includes Ameritas Dental, VSP vision, Rx plan, $10,000 AD&D, $7500 Accident plan and much more for only $89/month for the whole family. That is cheaper than most family dental plans.
Insurance value x Exchange Rate(USD)xexcess value(0.7/1000)+sales tax(10.3%)=Premium
This is the amount of premium that a policyholder pays when he/she has chosen to pay it on a monthly basis. The annual premium is divided by twelve then any billing charge or …service fee is added to the amount to get the monthly premium.
The amount you pay (generally monthly in your house payment) for the morgage insurance policy. Most lenders require you to carry mortgage ins or PMI if you finance more th…an 80% of the value of the home, or for other credit risk reasons. As a side note I have successfully had the mortgage ins dropped after my principle was lower than the 80% on two different mortgages.
Insurance acc Dr 1000 Cash acc Cr 1000 P&L acc Dr 1000 To insurance acc Cr 1000
Term life insurance is an insurance one would buy if they are looking to insure themselves for a specific term such as 20 years. This is a relatively low cost and basic insura…nce plan. Premium term life insurance is when one insures their life for a longer period, such as 30 years, and if they do not die in that time, the premiums that were paid are returned back to them.