Definition Of Insurance Premium Legal

In the insurance industry each individual pays a premium into a pool from which losses are paid out. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur.

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Therefore the protection against these risks or loss-damage is insurance.

Definition of insurance premium legal. Insurance law falls into three major categories. Insurance premiums are paid for policies that cover healthcare auto home and life. Legal protection insurance LPI also known as legal expenses insurance LEI or simply legal insurance is a particular class of insurance which facilitates access to law and justice by providing legal advice and covering legal costs of a dispute regardless of whether the case is brought by or against the policyholder.

Money paid in return for the protection provided by an insurance policy. The premium is determined by the insurer based on your or your businesss risk profile which may include creditworthiness. Human life and its resources are always surrounded by risks.

A policys premium is its price typically expressed as a monthly cost. The premium is not returnable if a loss is not suffered in that case the payment is for peace of mind. Premium - Money charged for the insurance coverage reflecting expectation of loss.

The process of addressing the danger and uncertainty that exists at every level of human life and livelihood is the process of insurance. 2012 Farlex Inc. A reward for an act done.

Legal Definition of Insurance Legal Definition of Insurance. The insurers general insurance terms are a part of the insurance contract to which the insurance contract refers and they are attached to the contract or the person who. The difference between the face value or par value of a security and its market price when the latter is greater compare discount 2.

The legal entity who concluded the insurance contract with the insurer undertakes to pay an insurance premium. Insurance premiums may be made either in a lump sum or by installments. A contract insurance policy in which the insurer insurance company agrees for a fee insurance premiums to pay the insured party all or a portion of any loss suffered by accident or death.

The price paid for an insurance contract equal to the cost per unit times the number of units. If the insured experiences a loss which is potentially covered by the insurance policy the insured submits a claim to the insurer for processing by a claims adjuster. In legal terms a premium usually refers to a payment paid by the insured to the insurer for providing insurance policy.

Legal definition for INSURANCE PREMIUM. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. Legal Definition of premium 1.

A bounty or bonus. Insurance premium - payment for insurance premium payment - a sum of money paid or a claim discharged Based on WordNet 30 Farlex clipart. Insurance Law and Legal Definition Insurance is a contract called an insurance policy in which the insurer agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium.

A contract in which one party agrees to indemnify another against a predefined category of risks in exchange for a premium. Insurance Premiums means insurance premiums for commercially reasonable insurance coverage on the Building or Common Areas and shall include all fire and extended coverage insurance on the Building and all liability insurance coverage on the Common Areas of the Building and the grounds sidewalks driveways and parking areas related thereto together with such other insurance coverages including but not limited to rent interruption insurance as are from time to time reasonably obtained. Depending on the contract the insurer may promise to financially protect the insured from the loss damage or liability stemming from some event.

Insurance premium - definition of insurance premium by The Free Dictionary. Insurance Premium A payment that a policyholder makes usually monthly in order to be covered by an insurance policy. A consideration given to invite a loan or a bargain as the consideration paid to the assignor by the assignee of a lease or to the transferer by the transferee of shares of stock etc.

Premiums Earned - the portion of premium for which the policy protection or coverage has already been given during the now-expired portion of the policy term. An insurance premium is the amount of money an individual or business must pay for an insurance policy.

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