Extra premium

Term · Insurance and risk management · MLC-T-INS-001435

An additional charge added to the standard premium for an insurance policy to cover an increased risk that falls outside the normal underwriting guidelines. This charge compensates the insurer for the heightened probability of a claim due to factors such as a pre-existing medical condition, a hazardous occupation, or a dangerous hobby. It is calculated as a percentage or a flat amount added to the base premium.

Table 1. Record
Identifier	MLC-T-INS-001435
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-001435",
  "term": "Extra premium",
  "field": "Insurance and risk management",
  "definition": "An additional charge added to the standard premium for an insurance policy to cover an increased risk that falls outside the normal underwriting guidelines. This charge compensates the insurer for the heightened probability of a claim due to factors such as a pre-existing medical condition, a hazardous occupation, or a dangerous hobby. It is calculated as a percentage or a flat amount added to the base premium.",
  "url": "https://mlchart.com/terminology/insurance/extra-premium/"
}

Record 1,304 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.