Premium, advance

{
  "id": "MLC-T-INS-002638",
  "term": "Premium, advance",
  "field": "Insurance and risk management",
  "definition": "A payment made by a policyholder to an insurer before the coverage period begins or before the full premium for a policy term is due. This payment secures the insurance coverage and is typically a portion of the total premium. It is common in policies where the final premium depends on factors that are not yet fully determined, such as payroll for workers' compensation.",
  "url": "https://mlchart.com/terminology/insurance/premium-advance/"
}