In plain English
This is the regular cost of having the insurance policy. The amount is paid once each month.
In context
Here, "monthly premium" labels the amount of money to be paid each month for the insurance policy.
- Situation
- Reading premium, deductible, excess, copay, limit, and out-of-pocket fields
- What it communicates
- labels the monthly policy payment amount on an enrollment form
Meaning limits
The term by itself does not state any other costs, benefits, or terms of the policy.
Examples
“Although the yearly cost was $744, the monthly premium was $62.”
“She paid the monthly premium on the first day of April.”