Policy Terms

Premium

Premium is defined as: The amount you pay for your insurance policy, typically paid monthly, quarterly, or annually.

Your premium is the cost of insurance coverage, based on risk factors, coverage amounts, and deductibles. Higher deductibles typically result in lower premiums.

Related Terms

Deductible

The amount you must pay out-of-pocket before your insurance coverage begins to pay for a covered loss.

Risk Assessment

The evaluation of potential risks and hazards that could affect a property or cause insurance claims.

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