In plain English
It is the price of having the insurance cover in place. This is a money amount owed to the insurance company, whether it has already been paid or still needs to be paid.
In context
Here, "premium" labels the amount of money to be paid to the insurance company for the coverage shown in the quote.
- Situation
- Reading premium, deductible, excess, copay, limit, and out-of-pocket fields
- What it communicates
- labels the policy price on a quote page
Meaning limits
By itself, "premium" does not say when the money is due or how often it is paid.
Examples
“Her insurance premium increased by $120 this year.”
“The quote shows a premium of $120 for that coverage.”