answersLogoWhite

0

Why premium is charged?

Updated: 12/16/2022
User Avatar

Wiki User

11y ago

Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Why premium is charged?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is gross premium car insurance?

Gross Premium is the Total premium indicated to be charged.


What best describes gross annual premium?

In fact, gross annual premium includes tax element including service tax charged on premium amount.


What terms is used for the amount charged for a medical insurance policy?

The term is "premium".


Does the 2010 Impreza WRX Premium have a V6 engine?

No. It has a horizontally opposed turbo charged 4 cylinder.


Does Minecraft charge the internet?

No, It shouldn't have "Charged the internet" the only payment you have to go through is when you purchase a premium Minecraft account.


What is premium rate phone numbers?

Premium rate numbers - are any numbers charged at a higher rate than a 'normal' number. For example - in the UK, premium numbers start with 07, 08 or 09. The company that the number belongs to - usually gets a percentage of the higher charge, with the rest going to the phone company.


What are the people that predict things for insurance companies?

An actuary is a highly skilled mathematician who helps to calculate the rate that needs to be charged by the insurer based upon the likelihood that an event will occur. The premium charged by the insurer to the consumer is a function of the rate.


How do insurance companies calculate the premium for an event that has a fixed chance of occurring i.e. how do they turn the knowledge of a chance of an incident into premium?

First of all there is no insurance available against any event/risk which has fixed chance of occurence. However, the premium charged by an insurer is calculated as follows, of course as per acturial studies based on law of large numbers:- Premium = (Probable loss x probability of loss)+G&A Expenses + Normal profit


Is it legal to raise health insurance premium for not submitting to blood work?

It can be if the blood work is a condition of underwriting. When this happens what you generally find in the small print is the higher rate is actually what you are charged with a discount for complying with all the underwriting requirements. It is technically the loss of a discount not an increase in the premium.


Is a $300 premium for a weekend plumber call reasonable?

I contacted an emergency plumber this past weekend as I had a leak coming through my ceiling from the bathroom. He charged me a $300 premium for being called on the weekend. Does this sounds reasonable, or excessive? I am considering filing a complaint with the Better Business Bureau.


What is the formula for annual premium?

Annual Premium= Annual Base Premium * Driver-Rating Factor To get annual base premium the formula is... Annual base Premium= Liability Premium + Collision Premium + Comprehensive Premium.


What are the charges for making calls to premium rate numbers?

A 'premium rate' number - is one that's charged at a (often much) higher rate than normal. A 'normal' number in the UK is only charged at a few pence per minute - premuim rate n umbers can cost 150 pence per minute or more ! A proportion of the cost of the higher charge goes to the service provider (in addition to BT taking their 'cut').