net premium
- The amount of an insurance premium that is needed to cover the insurance liability when it is due, excluding any costs or potential charges
- The company calculated the net premium to ensure they could cover the insurance liability when it came due.
- Before signing the insurance agreement, he asked about the net premium to understand the full costs involved.
- She was surprised to find that her net premium was much lower than she expected, as it excluded expense and potential charges.
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