insurance premium

Definition

The periodic payment made on an insurance policy. also called premium.

Use insurance premium in a sentence

They had to pay their insurance premium and everything was going very good and things were looking great for everyone.

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The insurance premium related to the Group Health Insurance plan sponsored by the company have increased markedly in recent years.

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Since the insurance premium paid must be high enough to cover the insurer's costs plus profit, it's generally a bit higher than the average case of bearing the insured risk oneself; however, insurance is about the unlucky cases, not the average case.

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