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(nou) payment for insurance (nou) the amount that something in scarce supply is valued above its nominal value (nou) a fee charged for exchanging currencies (nou) a prize, bonus, or award given as an inducement to purchase products, enter competitions initiated by business interests, etc. (nou) payment or reward (especially from a government) for acts such as catching criminals or killing predatory animals or enlisting in the military

Phonetic Transcription:



The payment the insured makes to the insurer is called the premium.

The insured must pay the insurer the premium each term.

During the grace period your insurance company cannot repudiate a claim on the basis that the premium has not been paid.

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