Premium Balances

Definition

  • A record kept by an insurance company with a balance of premiums collected, premiums due, deferred premium payments, and retrospective premiums accrued.

Synonyms
record of premiums, premium ledger, balance of premiums, ledger of premiums

Related Terms and Acronyms

  • Account Current (AC) Acronym, Very Important,
    • A ledger summarizing the performance of each agent employed by an insurance company.
    A monthly or yearly ledger style report provided by an insurer to an insurance agent detailing policies, premiums, commissions, cancellations, and endorsements.
  • Balance (bal.) Abbreviation,
    • The amount of money in your account.
  • Direct Written Premiums Definition,
    • All the premiums written by an insurer except those ceded to reinsurers.
  • Earned Premium (EP) Acronym,
    • The amount of premiums that an insurer has collected from an insurance policy at a given time.
  • Premium Definition,
    • A payment made to an insurance company for insurance coverage.
  • Premium-to-Surplus Ratio Definition,
    • A method used to determine an insurance company's financial stability.
  • Premiums Written Definition,
    • A sum of the premiums from all the policies that a company has written in a given period of time.
  • Reserve Definition,
    • Money retained for some future use.
  • Underwriting (UW) Acronym, Important,
    • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
    • The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
  • Underwriting Expenses Definition,
    • The expenses accumulated by an insurance company while underwriting a product.
  • Underwriting Income Definition,
    • The income earned by an insurer from underwriting in a certain amount of time.
  • Unearned Premium Definition,
    • Premiums that have not yet been collected from an insurance policy.
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