Balance

{
  "id": "MLC-T-INS-000518",
  "term": "Balance",
  "field": "Insurance and risk management",
  "definition": "The amount of premium still owed by a policyholder after an initial payment has been made. This outstanding sum is paid in installments over the policy period according to a pre-arranged schedule, such as monthly or quarterly. Failure to pay the balance according to the agreed terms can result in the insurer cancelling the policy for non-payment, terminating coverage.",
  "url": "https://mlchart.com/terminology/insurance/balance/"
}