Premium
The consideration paid for an insurance contract by someone seeking protection from predefined risks. A premium payment may consist of one lump sum or, as is more common, periodic installments for the life of the contract.
Definition from Nolo’s Plain-English Law Dictionary
1) An extra payment for an act, option, or priority. 2) Payment for insurance coverage either in a lump sum or by installments.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:22 pm
