Base Premium

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Base Premium

The premium for an insurance policy that is used to calculate the premium for reinsurance. It is also called the subject premium or the underlying premium.
References in periodicals archive ?
A European Court of Justice ruling early in 2011 said that insurers should not be able to base premiums simply on gender.
493 would make it illegal to request or require genetic testing for enrollment in an insurance plan or to base premiums on genetic testing.
In the past, insurance companies would base premiums on a smaller percentage than the total replacement cost, usually less than 50 percent.
Many years ago, it was an industry practice, approved by many state insurance regulators, to base premiums on the actual life expectancy experience of different races.
A few companies, such as Prospero Direct, even base premiums on the complete six-digit postcode, which relates to just 15 houses.
Unemployment Provision - in the event of unemployment, monthly base premiums and riders are waived for one six-month period.