policy primium

WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

Definitions from the Web

Term: Policy Premium

Definition:

The term "policy premium" refers to the amount of money an individual or organization is required to pay to an insurance company to maintain an active insurance policy. It represents the cost of the insurance coverage provided by the policy.

Sense 1 (Noun):

- The premium for a policy refers to the specific amount of money an insured person or entity pays to the insurance company at regular intervals, usually monthly, quarterly, or annually, to maintain coverage.

Example sentence: John paid his policy premium on time to ensure his car insurance coverage remained active.

Sense 2 (Noun):

- Policy premium can also be used more broadly to refer to the overall cost of an insurance policy, including all associated fees and charges.

Example sentence: The policy premium for the comprehensive home insurance coverage included not only the cost of protection but also administrative fees and processing charges.

Sense 3 (Adjective):

- In some contexts, "policy premium" can describe a particular feature or level of quality that comes with a specific insurance policy.

Example sentence: The platinum policy premium offers enhanced coverage and additional benefits compared to the basic policy.

Sense 4 (Adjective - Local usage):

- Depending on the region, "policy premium" might be an idiomatic phrase used locally to describe an essential factor or a decisive element in a particular policy or agreement.

Example sentence: In our area, the flood coverage policy premium is of utmost importance due to the high risk of natural disasters.