Base Premium

(redirected from Base Premiums)

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 ?
Monthly base premiums will range from $399 to $606.
Monthly base premiums for the off-exchange-only plans could range from $376 to $637, compared with a range of $336 to $636 this year.
The company's base premium will rise to $483, from $406.
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.
Unemployment Provision - in the event of unemployment, monthly base premiums and riders are waived for one six-month period.
Residential Damage - if a primary residence sustains $25,000 or more of damage, monthly base premiums and riders are waived for one six-month period.
In Texas, for example, annual base premiums for a 30-year-old single male nonsmoker could range from $566 to $4,236 in Dallas and from $653 to $3,744 in a rural community.
gov site to find what the annual base premium for a benchmark customer would be before underwriting.