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What is insurance premium paid in advance called?
Prepayment of the premium before it is due.
Does insurance premium mean monthly?
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.
How long Is the Mortgage Insurance Premium paid?
Could be paid for full term of your entire mortgage or paid off in full.
The amount of money paid to keep an insurance policy is force is the?
basic premium
What is return of premium?
Return of premium life insurance is a type of term life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term.
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
What is initial premium?
The initial premium is the first payment made by a policyholder when purchasing an insurance policy. This amount is typically required to activate the coverage and may vary based on factors such as the type of insurance, the coverage amount, and the policyholder's risk profile. Subsequent premiums are then paid at regular intervals to maintain the policy.
What is the amount paid periodically for insurance?
Premium
What is insurance premium paid in advance called?
Prepayment of the premium before it is due.
If you cancel a home insurance policy is there any money to be paid back to you?
Yes, unearned premium if any will be refunded to you.
Does insurance premium mean monthly?
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.
What do you call a transaction in which the cash surrender value of a replaced insurance policy is used as the initial premium for a new policy?
paid up. Or in some cases could be a conversion.
What is a car insurance premium?
A car insurance premium is the amount of money paid to an insurance company for a 6 month period. It is cheaper to pay the full premium that pay each month.
What is the journal entry for paid insurance premium?
debit insurance premiumcredit cash / bank
What does the word premium mean?
Premium is an amount to be paid for an insurance policy or something given as an award.
What is the difference between life insurance premium and non life insurance premium?
Life insurance pays a death benefit when the insured party dies and the money can be given to his or her friends, family or next of kin. Non Life Insurance covers objects for theft or damages including home, property and cars.
What is a paid up insurance policy?
A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
