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WordNet-Online
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Definitions from the WebTerm: Policy PremiumPart of Speech: Noun Sense 1: The amount of money paid by an individual or organization to an insurance company for insurance coverage. Example Sentence 1: Alex calculated that his annual policy premium for car insurance would be $1200. Example Sentence 2: The policy premium for the comprehensive health insurance plan increased by 10% this year. Sense 2: The total sum of money that needs to be paid to keep an insurance policy active. Example Sentence 1: To maintain his life insurance policy, Mark ensures he pays the policy premium on time every month. Example Sentence 2: Failure to pay the policy premium within 30 days of the due date may lead to the cancellation of the insurance coverage. Sense 3: The amount of money charged by an insurance broker or agent for their services in facilitating the insurance process. Example Sentence 1: The policy premium for the homeowner's insurance included a small fee as commission for the insurance agent. Example Sentence 2: When purchasing a policy through a broker, it is important to understand the breakdown of the policy premium and any additional charges. Sense 4: The annual fee paid by a member of an association or organization to maintain their membership. Example Sentence 1: The policy premium for being a member of the country club increased this year, but it included additional benefits. Example Sentence 2: Students are given the option to pay their student association policy premium at the beginning of each semester. Related Products on Amazon: | ||||
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