What is Premium explain?
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What is Premium explain?
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.
premium noun (EXTRA) an amount that is more than usual: We’re willing to pay a premium for the best location. Customers will be required to pay a premium for this extra service.
having or reflecting superior quality or value.
- Electricity companies pay a premium for renewable energy.
- Your first premium is now due.
- Consumers are prepared to pay a premium for organically grown vegetables.
- We’re willing to pay a premium for the best location.
- The company places a high premium on customer loyalty.
What does paying a premium mean?
An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.
What means total premium?
Total Premium means the Single Premium or the sum of all Limited Premiums/Regular Premiums paid till date, as applicable, excluding any Extra Premium, and GST and cess, if any. Sample 1.
Word forms: premiums A premium is a sum of money that you have to pay for something in addition to the normal cost. Even if customers want “solutions,” most are not willing to pay a premium for them. Premium products are of a higher than usual quality and are often expensive.
In marketing, premiums are promotional items — toys, collectables, souvenirs and household products — that are linked to a product, and often require proofs of purchase such as box tops or tokens to acquire. The consumer generally has to pay at least the shipping and handling costs to receive the premium.
an amount of money that is more than usual: We’re willing to pay a premium for the best location.
What does it mean to add a premium?
Value more highly than usual, as in Her employer put a premium on honesty and hard work.
What is an example of a premium?
Premium is defined as a reward, or the amount of money that a person pays for insurance. An example of a premium is an end of the year bonus. An example of a premium is a monthly car insurance payment. An additional amount paid or charged.
Premium pay is a one-time payment that an employer pays to employees in addition to their earned wages. Under Fair Workweek, premium pay is required as compensation when an employer initiates last-minute changes to an employee’s work schedule or fails to notify an employee of their upcoming work shifts in advance.