Fractional premium

{
  "id": "MLC-T-INS-001581",
  "term": "Fractional premium",
  "field": "Insurance and risk management",
  "definition": "A portion of the total annual insurance premium paid in installments, such as monthly, quarterly, or semi-annually, rather than as a single lump sum. Insurers often charge a small service fee or interest for the convenience of paying in fractions. This payment method makes insurance more accessible by spreading the cost over time.",
  "url": "https://mlchart.com/terminology/insurance/fractional-premium/"
}