premium payment plan
A premium payment plan or installment plan that does not require an insured to pay the entire annual premium at the beginning of the policy period.
premium payment plan
A premium payment plan or installment plan that does not require an insured to pay the entire annual premium at the beginning of the policy period.
Additional Information
This allows an insured to enjoy investment earnings on premium dollars during the time between payment of the premium at the policy's inception and the time of the actual loss. Three common types of premium payment plans include deferred premium plan, lagged premium plan, and discounted premium plan.
Synonyms
installment agreement
