Policy fee

{
  "id": "MLC-T-INS-002588",
  "term": "Policy fee",
  "field": "Insurance and risk management",
  "definition": "A one-time or recurring flat charge added to an insurance premium to cover the administrative costs of issuing and maintaining the policy. This fee is separate from the premium, which is calculated based on the risk being insured, and it is not always refundable if the policy is cancelled. Some jurisdictions regulate the amount and disclosure of policy fees, requiring them to be clearly stated on the declarations page.",
  "url": "https://mlchart.com/terminology/insurance/policy-fee/"
}