What is a Premium?
Premium
[pree-mee-uh m]
noun
1.
A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.
Related Content
8 Common Insurance Mistakes to Avoid
Having at least a basic insurance plan is essential for anyone. It's important to figure out what insurance plans you need and what works best for you and your family.
Life and Death of a Twenty Dollar Bill
How long does a $20 bill last?
How Compound Interest Works
Use this calculator to better see the potential impact of compound interest on an asset.