Term Of The Day – Deposit Premium
The Deposit premium is unique from regular insurance premiums, because they are refundable should either the insured or the insurer chose to terminate the perpetual insurance. Premium required by an insurance company for plans subject to premium adjustment. The initial provisional premium is paid to put a Workers Compensation or liability insurance policy into force. The final premium is determined at the end of the policy period by audit, based on an insured’s actual exposures and loss experience.
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