Fixed Premium
Definition
- When the insurance premiums for an insurance policy or annuity stay the same for a set period of time. The guarantee of fixed premiums can be part of the base policy, or may be added with a rider. Also known as "level premiums."
Synonyms
level premium, guaranteed fixed premium, guaranteed level premium, static premium, constant premium
Related Terms and Acronyms
- Casualty Insurance — Definition,
- Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
- Decreasing Term Life Insurance — Definition,
- A Term life insurance policy with benefits that decrease each year as the policyholder ages.
- Fixed Annuity — Definition,
- An annuity that makes fixed payments to the annuitant with guarantees for earnings and principal.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Level Payment — Definition,
- A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
- Level-Premium Insurance — Definition,
- Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Pre-paid Insurance — Definition,
- A insurance policy where insurance premiums are all paid in advance, normally offered in one year terms.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Re-entry — Definition,
- The option to renew coverage at the end of a term, generally with level premiums.
- Whole Life Insurance — Definition,
- Permanent life insurance with level premiums for the policyholder's entire lifetime.
