Top Answer
User Avatar
Wiki User
2010-08-04 22:19:25
2010-08-04 22:19:25

Prepayment of the premium before it is due.


Related Questions

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

An insurance premium is the amount of money paid on a periodic basis for insurance of a given kind. The kind of insurance involved does not alter the definition of the term "premium". Therefore, a life insurance premium is an incremental amount paid for life insurance, and a non-life insurance premium is an incremental amount paid for another kind of insurance.

debit insurance premiumcredit cash / bank

Single premium life insurance is life insurance coverage in which one premium payment is made and the life insurance policy is fully paid up with no additional life insurance premium payments required.

The term you are looking for is "paid-up additions" or "paid-up additional life insurance"

They are called 'Limited Payment Life Insurance Policy' where premium has to be paid for a specific time period.

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.

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 for an example of one company's advance premium desposit account and read what they have to say about it.

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.

Premium is an amount to be paid for an insurance policy or something given as an award.

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.

A PFC in the US Army paid $6.50 as a monthly premium for $10,000 worth of life insurance in World War 2.

"Insurance Premium" is a big word that basically means money. A premium is paid by the insured to cover a certain amount of time in order to cover expenses insured by the policy.

Could be paid for full term of your entire mortgage or paid off in full.

The "Premium" is the amounts paid for an insurance policy.

Actually, single premium policies can be called as pre-paid insurance policies, where premias are paid one time and the policy holder need not to pay any further premia till maturity.

A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.

A life insurance policy becomes "fully paid up" when the company tells you no more premium payments are due.

debit prepaid insurancecredit cash / bank

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.