Prepayment of Premiums

Prepayment of Premiums

The payment of premiums on an insurance policy before they are due. For example, one may pay six months' worth of premiums in January instead of paying each month from January to June.
References in periodicals archive ?
States may require prepayment of premiums and terminate Medicaid coverage for someone who fails to pay the premium within 60 days.
As a result, it was concluded that the premiums paid in the prior years constituted, in effect, a prepayment of premiums for the year in which the mine would close.