Premium is the insurance fee that you pay to make your insurance policy active.
What is premium?
Premium is an amount paid for an insurance policy. Premiums may change or remain the same throughout a term depending on the type of the policy issued.
The premiums are set by an insurance provider regrading on different factors like type of policy, age, gender, heath condition, habits, residence and so on.
The premium can be paid in installments like monthly, quarterly, semiannually, annually or full payment. Failing to pay premiums may lead to the cancelation of the policy. Some policy providers may give a policyholder a grace period of about 30 days to complete the payments. Normally, premiums are not returned once a policyholder cancel the policy.
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