Insurance premium one calls a sum of money, which is paid as return for the insurance protection to an insurance company.

The premium payment takes place uniquely (single premium) or periodically (often as yearly or monthly premium, whereby for under-year old premium payments an addition is charged as amount of working on or a percentage of the annual premium as advance interest). The premium number duration of periodically paying premiums can deviate from the period of insurance.

With premiums periodically which can be paid special meaning comes to the first or redemption premium in the German insurance law, since only with its payment the insurance protection can begin (material beginning of insurance).

The should not be paid within the prescribed period can the insurer from the contract withdraw, whereby the insurance protection expires retroactively. Thereby further consequences can result, for example in the case of obligation insurance like the KFZ liability insurance apart from loss of the insurance protection, which can entail an obligation deactivation.

If a subsequent premium is not paid within the prescribed period, the insurance protection expires. The insurance company can quit then after unsuccessful reminder the insurance contract.

The specified legal consequences do not apply to reinsurances and marine insurances.

Articles in category "Insurance premium"

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