Fixed premium


Also found in: Medical.

Fixed premium

Payments of a fixed or equal amount paid to an insurance company for insurance or an annuity.

Fixed Premium

A payment for an insurance policy or annuity that does not change over the life of the policy or annuity. Fixed premiums have fewer risks for the policyholder or annuitant, and are very common. See also: Variable premium.
References in periodicals archive ?
For example, you have to pay a fixed premium for your UAE car insurance each month.
In practical terms, self-insured employers pay for each out-of-pocket claim as it is incurred instead of paying a fixed premium to an insurance carrier.
The banks will now offer customers a new type of home insurance policy that has a fixed premium price for three years.
The Speaker of the HPR also pointed to the "difficult" working conditions of MPs, saying a decision was taken to assign them a fixed premium.
In addition to mutual delay cover, it also offers war and loss of earnings cover on a fixed premium basis.
The top five carriers nearly doubled their performance and generated more than two-thirds of bank fixed premium.
For instance, the Baroda Health Policy has no sublimit (on room rent, doctor's fee and so on), no co-payment (high risk plans often have insurers and customers sharing treatment costs), a fixed premium for up to 65 years and a 25% increase in premium after 65.
Employers pay for claims out-of-pocket as they occur, instead of paying a fixed premium every month to an insurer, regardless of how much health care is actually used.
Private exchanges are typically fully insured with fixed premium payments paid on a per-employee basis.
Self-insured health plans allow employers to pay for individual employee health claims out of pocket, rather than as a monthly fixed premium to a health insurance carrier.
Families who do want cover - and want to avoid the impact of the EU directive - are advised to get a fixed premium plan before December 21.
It is also known as excess-interest whole life, current assumption whole life, irreplaceable life, pseudo universal life, fixed premium universal life, and adjustable cash value whole life.