Premium
TL;DR
The premium is the price the policyholder pays for cover, usually annual and often payable in instalments. It is set by underwriting and may be indexed over time.
Details
The premium reflects the insured risk, the chosen guarantees, the Deductible, and (for some lines, such as motor) the claims history. It is distinct from any deductible borne on a claim.
Related
Sources
- General principles of insurance.