Billing & Payments
Premium
Definition
The amount of money charged by an insurance company for an insurance policy. Premiums can be paid monthly, quarterly, semi-annually, or annually, and are determined by factors including risk, coverage amount, deductible, and claims history.
In Zach’s Words
“Your premium is what you pay for insurance — the price tag. It's determined by how risky the insurance company thinks you are, how much coverage you want, and what deductible you choose. Higher deductible = lower premium. More coverage = higher premium. Our job is finding the sweet spot for your budget.”
— Zach Nadler, CIO