Prepayment of the premium before it is due.
They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.
The term you are looking for is "paid-up additions" or "paid-up additional life insurance"
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.
Could be paid for full term of your entire mortgage or paid off in full.
basic premium
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
prepaid insurance a/c..........dr. To insurance a/c
those expenses which have been paid in advance and whose benefit will be available in future are called unexpired or prepaid expenses. e.g. insurance premium
Premium
They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.
The term you are looking for is "paid-up additions" or "paid-up additional life insurance"
An Advance Premium Deposit account is a feature of a policy offered by a Life Insurance company. Think of it as a savings account, where you're free to put in money and take out money. Your life insurance premium will automatically be paid from that account, so that's one less hassle you have to worry about. You get interest on your money, so that's nice. Often you're only allowed to deposit up to the sum of all future premiums. See http://www.americansavingslife.com/policy-sales/advance-premium-deposit-(apd) for an example of one company's advance premium desposit account and read what they have to say about it.
Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.
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.
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.
The amount that is paid for any kind of insurance is called "premiums". The same term applies whether an employee or employer pay for the insurance.
debit insurance premiumcredit cash / bank