In the most simple terms the insurance premium is defined as the amount of money the insurance company is going to charge you for the insurance policy you are purchasing. Insurance premiums are paid for policies that cover healthcare auto home and life insurance.
Insurance premium is a fancy term for the cost of your insurance policy.
Insurance premium kid definition. The loss constant helps protect insurers from losses associated. An amount added to an insurance policy with a low premium designed to cover higher than expected loss experiences. Usually insurance companies give you a monthly price such as 5 month.
A health insurance premium is a monthly fee paid to an insurance company or health plan to provide health coverage. An insurance premium is the monthly or annual payment you make to an insurance company to keep your policy active. Then have your child give one dollar to each insurance company.
An agreed amount of money that you pay to an insurance company for insurance either as one payment. The insurance premium is the cost of your insurance. Explain that this money is the insurance premium.
An insurance premium is the amount of money an individual or business pays for an insurance policy. To explain how an insurance company works give your child fake money such as from a board game and have your child divide the money into several piles. The scope of the coverage itself i e the amount that the health insurer pays and the amount that you pay for health related services such as doctor visits hospitalizations prescriptions and medications varies considerably from one health plan to another and there s often.
Here are the basics to help you understand what an insurance premium is and how it works. Explain that each pile of money belongs to a different insurance company. To find out how much it costs to insure your apartment or home aka your insurance premium you need to get a quote which generally requires filling out info online talking to a customer service.
Premiums are required for every type of insurance including health disability.