Estimated premium

{
  "id": "MLC-T-INS-001350",
  "term": "Estimated premium",
  "field": "Insurance and risk management",
  "definition": "The initial premium charged at the beginning of an insurance policy period, based on projections of the exposure units or risk factors for the upcoming term. This amount is subject to adjustment at the end of the policy period through an audit, where the actual exposure is determined. It is commonly used in policies like workers' compensation or general liability, where the exact exposure is unknown at inception.",
  "url": "https://mlchart.com/terminology/insurance/estimated-premium/"
}