MLchartDataset catalogue

Initial premium

Term · Insurance and risk management · MLC-T-INS-001833

The first payment made by a policyholder to an insurance company to activate coverage under a new policy. This payment is typically required before the policy becomes effective and binds the insurer to its terms. Subsequent payments are referred to as renewal premiums or installment premiums.

Table 1. Record
IdentifierMLC-T-INS-001833
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001833",
  "term": "Initial premium",
  "field": "Insurance and risk management",
  "definition": "The first payment made by a policyholder to an insurance company to activate coverage under a new policy. This payment is typically required before the policy becomes effective and binds the insurer to its terms. Subsequent payments are referred to as renewal premiums or installment premiums.",
  "url": "https://mlchart.com/terminology/insurance/initial-premium/"
}

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