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
ledger of premiums, premium ledger, record of premiums, balance 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,
  • 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.
  • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
• 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.