In plain English
This is the full price charged for the policy over a 12-month period. It means the whole amount owed for that year's insurance cover, treated as one annual total.
In context
Here, it labels the total amount due for one year of coverage under the quoted policy.
- Situation
- Reading premium, deductible, excess, copay, limit, and out-of-pocket fields
- What it communicates
- labels the one-year policy price in the quote summary
Meaning limits
By itself, the term does not say when the money must be paid or whether it is paid all at once or in parts.
Examples
“Even though they pay in monthly instalments, the annual premium on the policy is £960.”
“The broker quoted an annual premium of £960 for the policy.”